Adobe Elements should be fine for video editing. I suggest you watch some tutorials on Youtube of how people edit, although it is difficult to find decent tutorials as there are soo many now.
The first thing I do is watch all the footage, boring at times, but amazing at others when you captured something you didn’t know about. I write down the filenames and times things happen. eg: 1:06 Big Jump, 1:20 Crash, etc
I then leave it a week at least and go back and import the files and split them into the sections I’ve marked, sometimes discarding some of the bits I’ve marked as they weren’t that good.
I then spend way too much time thinking of a good song/tune to go with it (usually a week or so) and try to edit the footage to the music. I still can’t decide on a song for Pila DH from August last year.
Then add effects, don’t overdo the effects, most professional edits don’t have many effects and if they do they are very subtle.
Then colour grade, sharpen, etc.
I would also split it into days, or a couple of days at a time, editing down a weeks worth to 5 minutes is pretty brutal.
Also watch other peoples videos and take note of what they do with the footage, although you might actually think other videos are pretty terrible.. Here’s mine: Milkie’s YouTube Videos I would watch La Thuile and Singletrack Descent in the Alps. The others are 2 years previous on a HT with a not so decent POV cam.
EDIT: Cross Dissolve – Yea I’m with Mike on that it is widely used, it’s my most used effect.