By far, the most common question I receive every day is whether you can modify your template. The answer is definitely yes! Can you change the colors? Graphics? Fonts? Yes! All of it. Moving items around in the layout can be trickier, but it's not impossible. The question is really how much time you want to devote to learning the techniques. It's relatively simple to change a template if you do not need to move elements, though.
Most of my templates do require the full version of Photoshop, but my most recent templates are Elements compatible. I can also offer an Elements package of individual PSDs for templates that are not Elements compatible. In most cases, the fee to create an Elements package is $50.
To get a feel for how a template can be modified, your best bet is to download my free template, Maggie Kay. You can follow along with my video tutorials just to get an idea of how the process works. Once you understand the techniques, you can apply them to any part of your template.