You should realize Raw files are unique for the brand and model of the camera and that Raw processors need to be updated to support new cameras, or alternatively you can use the free Adobe DNG converter to convert the Raw file to a "common" format.
I don't use Elements and don't know whether Elements 8, if updated, will support the 1D4. And, I don't recall the function in Elements for doing the update, but you mention Bridge so I suspect you are using a Mac. From Bridge use the Help/Updates function and it should get your Camera Raw plug-in up-to-date as of the latest for Elements 8 (only).
If you do that and you still can't open the 1D4 files, then you are faced with the following choices:
First, DPP is, actually, a great Raw processor! You can use it and then Convert and Save as, say, a tiff to open in the Elements Editor if you need that, or you can use DPP to output or print images as you wish.
Of course, if you upgrade to Elements 9 (and make sure Camera Raw is updated like I mention above) then your 1D4 and other newer cameras will have full support for their Raw files.
Otherwise, the DNG option is there -- doing the conversion requires you to both have the version that will match the 1D4 and also you need to set your compatibility to match the version of Camera Raw that you are using with Elements 8.