Re: Photoshop Elements 2.0 - Colour correction.
I own PSCS and PSE3 (the latter used as my main image catalogue only), so I think I can comment on both. I select a (RAW-format) picture in PSE3, press Ctrl-H which brings me into PSCS, but you could as well switch to PSE3's editing program.
Here, you can press "I" which means selecting the eyedropper, and click into some grey area - whitebalance set! As I'm more after pleasing results than absolute color fidelity (sometimes adding a little more sunshine to an outdoor portrait helps a lot :-), I try multiple grey spots in the picture or use the sliders after the eyedropper. In your case, having a grey card in the picture, it should be a matter of half a second. If you hit grey, but not 127,127,127 but say 100,100,100, you could use exposure correction (next slider on same panel).
If you got the time to read, buy Bruce Fraser's book "Camera Raw with Adobe Photoshop CS". Using his tips has led me to better pictures from the start, needing less correction with curves or levels.