You mean gamut? Gamut of colors represents all available colors in particular color space (like RGB, CMYK). When you see warning out of gamut that's mean that color can not be reproduced in color space in other words that color space can not handle that color or shade of color.
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Photoshop Elements is Photoshop but with less features, so Photoshop is better but it is professional level software. For home use or to get started Photoshop Elements is OK.
Photoshop 3.0
No, photoshop is not the law
what is photoshop?
Well Photoshop Elements is basically Photoshop, but that everything is already ready there. it's like easy version of Photoshop.
You can't. You need brushes photoshop 7 brushes for photoshop 7.0
By using photoshop of course
No Photoshop CS5 and Photoshop Elements are separate programs.
Adobe PhotoShop is an image editing application. You can get it from:http://www.adobe.com/products/photoshop/photoshop/there it costs $700 USD.
Yes, Photoshop can be downloaded online. Visit photoshop's official webpage for details on how to do this. Photoshop will cost several hundred dollars.
psd is a photoshop extension and can be opened with photoshop or photoshop elements.