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You can create stick-on labels for CDs and DVDs with Elements (Create tab → Projects panel → More Options → CD/DVD Label) and print them on blank label sheets from any office supply store. Elements gives you templates that create a single-label layout. When you're done, you need to place your work into the template that goes with your specific brand of labels. (Most CD or DVD labels print two to a page.) The major brands, like Avery (www.avery.com) and Neato (www.neato.com), have free downloadable templates on their websites to help you position the labels properly on the page.
Note:
While labels make your discs look great, it's risky to put a stick-on label on any disc you'll use in a computer: If the label gets stuck in the disk drive, you may have to replace the drive. Consider using a marker to label discs for computer use, or buying printable discs if you have a printer that will take them.