First off, go here and order Photoshop Elements. When you check out, use the code [removed *] or [removed *] in the "coupon codes" box when you check out to get $5 off. That drops the price to $85. Choose the slow shipping option, and it'll ship free.
note: Don't enter that "special offer code" for the free inkjet trial pack on the page, because you can only have one coupon code per product, and $5 off is a better deal than five sheets of photo paper.
There's a rebate form in the box to get $30 off if you own a previous Photoshop Elements, PSP, or any of a dozen other paint programs. The form is here if you wanna see what qualifies, but don't bother printing it out because the original card from the box is required. That drops your price to $55.
Finally, Amazon's got a rebate here for another $10 off. That drops your final price to $45.
FWIW, Photoshop Elements is pretty durn nice compared to most other LE-version software. It's basically the same core engine as Photoshop, but it doesn't have the plethora of plugins for image-slicing and rollovers and stuff like that.
Anyway, if you were a good and dilligent shopper like myself, you'll now have yourself PSP and Photoshop Elements for $70. The going price for either of these is $70 on eBay, so $70 for both brand-new is an unbeatable deal, provided you're willing to wait a couple of months for your rebate checks to come rolling in.
And if you're an insufferable cheapass like myself, you can try out both programs, keep your favorite, and sell the one you like less on eBay for $70, thus making your PSP or PE free :)
Oh, and I almost forgot. Be sure to get on Adobe's mailing list here, and they'll send you a Photoshop Essentials training CD free. I just got mine this morning, which is less than two weeks from when I ordered mine.
* Note: I just got a nastygram from Amazon for posting a couple of publicly-available coupon codes to get the extra $5 off your order. I was not aware that the codes had a restriction on use, especially because they are easily found on a popular bargain-hunter website. Anyway, they're now removed.