There is no equivalent to the content panel in CS5. Effects are mainly actions which can be played in the action player. Shapes are found in the shape tool. There is a layer styles panel.
Shape layers are created using the shape tool or the pen tool (they are actually the same tool with different options selected). Look at this screen capture:
shapes.jpg
The shape tool is highlighted in the tool bar. The options bar controls what happens. The first highlighted button creates shape layers. The second highlighted button is the shape selection dropdown. The highlighted flyout button allows you to load other shape sets and perform other functions. Select the shape you want and click and drag on the image to position and size the shape. Color will be taken from the current foreground color or you can set it in the color box.
There is no cookie cutter tool. But, there are many ways to cut out a shape. My preference is click the button next to the shape layer button to change to path creation mode. Then, add a vector mask to the layer (layer>vector mask>reveal all). With the vector mask active click and drag the shape tool on the image to size and scale the shape. When you release the mouse, the vector mask will be filled with black and white such that only the shape is visible in the image.
You can find the background and frame images in Elements and, using either the place command or dragging from bridge, add them to the image. You will be able to resize the images before committing.
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