Quick Mask for Photoshop Elements 2.0
Layer and Quick Mask are not a feature found in PSE but by grouping the Layers you will be able to create something that can be as useful as masks.
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1. Create a new Layer and place it below your image.

2. Select the top Layer (your image) and make a quick selection with the Lasso Tool .

3. Hit CTRL+G to group the two Layers.

4. Select the Bottom Layer and Fill the selection with any color.

3. To add to your Mask: use a hard edge Brush for a clean cut or with a Soft edge Brush for a Featered slection or use the eraser to remove from your selection. Make sure you that the lower Layer is selected in the Layers Palette.