Photoshop Elements 3 (Mac Installation Fail)

I recently bought a brand new 27" imac and of course i tried to install the photoshop i had on my old pc, on my new imac. I inserted the disk and followed all the steps, the installation seemed to work and it even came up with a message box saying that the installation was successful. However, when i click to run the programme and this message comes up after a few seconds. (See attachment). I have tried to uninstall and reinstall the programme and every-time it tells me the installation is sucsessful yet the same message box appears when i try to run the programme. Does anyone know how i can get arround this problem?
If it helps i believe i received the photoshop free when i brought a printer a few years back. I checked online and from what i can see there have been no similar problems to mine, help please?

I am not sure if PSE 3 is supported on latest MAC versions but newly released PSE 8 is supported on latest MAC versions.
-Garry

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