Compatibility of Cubase Studio 5 projects

Thanks, that’s what I thought. The only thing is that Elements now is pretty much as good as Studio 5 was, and a lot cheaper, so I was wondering if there was a way of importing projects, other than exporting MIDI files, importing audio files individually and lining them all up by hand, as it were.

It would be great if there was a way I could export a cut-down version of a project, one that could be read by Elements, and the same for Cubasis, which I want to use for live work with simplified versions of bigger projects that started in Cubase.