Photoshop Elements is the entry level version. The newest version is 4.0 (or 3.0 for the Mac version). I don't know if it specifically has the magnetic lasso, but it does have some simple masking tools, according to Adobe's website.
http://www.amazon.com/exec/obidos/AS...922464-8900819
To go any cheaper than that you'd have to steal it off the internet.
