I don't think GE is the best route to obtain elevation data. I know you can save oblique areal views directly from google Earth and you can also export shapefiles into google Earth (http://arcscripts.esri.com/details.asp?dbid=14273), so that might be your best bet.
You would be better off downloading elevation data from the USGS seamless server (http://seamless.usgs.gov/website/seamless/viewer.htm) and using that in ArcMap
There might be a way to export elevation data from GE if you have the pro version, but I am unsure.