Laptop without CD drive. Own Photoshop Elements 11 - CD installation for Windows.

Photoshop Elements 11 is very old software. If you have a newer computer that is capable of running the latest version, Adobe and official resellers are offering a deal through the end of the month to get it for $69.99 (regular $99.99). It's definitely worth considering updating your very out of date version: https://www.adobe.com/products/photoshop-elements.html .

no, not even close.  you'll see an invalid serial number message.  ie, your serial number must exactly match the installation file.  

common mismatches are language/region (eg, serial number is for western europe and installation file is eastern europe), platform (eg, serial number is for a mac and installation file is win), license type (eg, education vs enterprise vs individual). and one of the most common is using a program installation file with a suite's serial number. eg, using a cs6 suite serial number with a photoshop cs6 installation file. that won't work even though photoshop is included in that suite.

you must use the (correct) suite's installation file (and you can choose to only install one program from the suite). here's official info about that error, http://helpx.adobe.com/creative-suite/kb/error-serial-number-valid-product.html

The serial number may only be used for the version for which it was purchased.

You are eligible to receive a discount for the purchase of the newest version (upgrade pricing).