The Layer Styles in PSE just plop in basic drop shadows, bevels, etc. You can adjust them some by clicking on the "f" icon in the layer palette, but color is not adjustable.
There may be a way to do to since PSE has a large amount of the functionality of PS but it is not always easily accessable.
You can check out
The Hidden Power of PhotoShop Elements. The author, Richard Lynch, gives lots of ways to work around the limitations of PSE.
If you don't ask questions, you're not stretching your abilities and learning!
