Yes, you can preview fonts from within PS or Elements!

It isn't a perfect solution but it does allow you to see the different fonts on text. Type some text. Since text is created on it's own layer, and the text layer will be active, there is no need to select the text:

Click the checkmark on the options bar to commit the text.

In the options bar, place the cursor in the font list, and click to highlight:

Press the up or down arrow keys to preview the font on your text as you scroll through the list.

As the font changes in the list, it will change on the text in the document too.