The Cookie Cutter tool’s shortcut is Q, and is found under the Modify toolset in Elements 11.
The tool comes with a variety of shapes, all set up. Choose Crop Shapes inside the Options panel and select one of the artistic shapes, such as this oval one (Crop Shape 6).
Deselect ‘From Center’ and set to Unconstrained in the Options panel. You can now draw a custom-sized frame over your photo.
Your photo will be cropped and placed inside the boundaries of the shape.