Each time I try to save a file I get this message - "Could not save as *E:\...\02Apr 2010 011.JPG*

Which version of Elements are you using?  This was an error that seemed to crop up randomly a couple of versions ago and I'm afraid I forget how it was resolved.  It could have been spontaneously.

Are you using the Organizer?  If so, are you trying to save in a version set?  Try repairing and optimizing the catalog.

Are you using a network drive?  If so, take a look at this article.

You don't provide any information beyond this cryptic messeage,

Where are you saving from?

Is "E" a portable drive?

Are you working in Editor?

Please provide your work-flow as it relates to this operation.