Is Photoshop the same thing as Photoshop Elements? 

I want to draw hair onto my figures. (Yes I know you can buy ready made hairs like from great artists lIke Koz) I still would like to learn how to perfect drawing hair onto my Poser figures. I come across so many tutorials that use Photoshop. I currently have Paintshop Pro 9 and yes I know you can convert the PS brushes to use in PSP. I did that but it's still hard following tutorials because in PS the brush lies across and that's the way the tutorial follows. It's not lying across in PSP. So I decided to buy Photoshop. BUT I want an old version of PS. Like 6 or 7 since most tuts are written using these. Of course any version should do but I want to stick with with the version that's close to what's in the tutorial. I DON'T want the Photoshop CS2 or CS3. Just a simple old version of PSP 6 or 7. I'm searching the web and keep coming across Photoshop Elements. I always heard it being referred to as just Photoshop or Adobe Photoshop. The "element" has me thinking it has SOME features of Photoshop? Am  I wrong?