Contemplating buying Photoshop, any suggestions?

I'm an amateur photographer with a Nikon P90 (my first tipping of the toe into the digital world) and I'm considering a long-term career change. I of course do not have an extra $699 lying about to get the newest version, CS5, but I'm still quite intrigued.

I'd appreciate your thoughts on Photoshop and how integral it is to producing professional-quality photographs. I certainly understand that the real magic lies in the photographer and how he/she can manipulate their gear, but if software can give me an artistic edge, then I'm all for it.

I played with Photoshop briefly back in 2001-2002 when I was working for a newspaper, but I don't recall a thing about it and anyways, I'm sure that it's grown leaps and bounds since then.

Since I cannot afford CS5, would you suggest picking up the previous installment (I don't know what it's called, if you can provide me with that), or perhaps dropping $ on Photoshop Elements 8?

Thanks, everyone!
How about Adobe Photoshop Elements 8 & Adobe Premiere Elements 8 Plus? They have it on sale for $129.99, which I could maybe swing.
Blast196, I've been shooting for myself for years, for a newspaper for 2 or so years, and as of late am shooting interior retail for my company, which I would love to expand to other areas of our store (shooting used gear, etc.). I'm not in the Creative department, so it's not as if I can have my company pay for it - and anyways, I'd love to own my own software. All I have to work with now is the piddly software that Nikon offers with the camera - so right now I can crop and adjust contrast and tone, and that's really about it.
 
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