Connor – there is a good explanation here of HDR process and Concept- with a Photoshop and alternatively Photomatrix, bit long, but in depth. –
http://www.naturescapes.net/072006/rh0706_1.htm
I imagine some of the Photoshop process may apply to Elements, I don’t use Photoshop as an image editor so it’s just a quess.
The image you posted would certainly be a candidate for an HDR approach I think.
Interestingly there a bunch of ways to approach this- I bet Zach’s works great as well. A while ago Fuji tried to look at some of this extended dynamic range, in a limited way, with a sensor that had small receptors in addition to regular sensors, tuned to capture highlight data alone. I wonder how long it will be before we have sensors/in camera software