You're going to need 3D Anaglyph Red/Cyan glasses for this.
Now with the addition of Photoshop blending modes available on the Opacity effect in Premiere Elements 11, it's easier than in PRE 10 to create 3D anaglyph videos from ordinary video clips. Several of the blending modes will work for this, but "Linear Dodge" is what I use.
1. Place the same video clip on the Video 1 and Video 2 tracks. Delete the audio from one of the clips. Offset by 1 or 2 frames either the Video 1 clip or the Video 2 clip. It makes a difference which one you offset inwards, and depends on how the camera is panned or the direction objects are moving.
2. Set the blending mode on the Opacity effect for Video 2 to "Linear Dodge (Add)."
3. On the Color(RGB) adjustment for Video 1, set Red to zero.
4. On the Color(RGB) adjustment for Video 2, set Green and Blue to zero.
Here are some scenes from a 3D anaglyph video I created. The source video for this was from a Samsung mini-dv (standard definition) camcorder. You need 3D red/cyan anaglyph glasses to view: