Elevation is a Minigame Challenge in LittleBigPlanet Story Mode. This is a Points Challenge, and therefore you must race to the end and dying will deduct points from your score. You have to go on an elevator and dodge gas and collect score bubbles. The next elevators are fasters, with less score bubbles and more gas. It is actually quite easy, you just have to see where the gas and score bubbles are and dodge left and right. Its key can be obtained in the Subway.

LittleBigPlanet Minigames
Bubble LabyrinthCastle Climb ChallengeCowabungaDaruma-sanDrag RaceElevationFire PitsFlaming SeesawsJetpack TunnelMeerkat BouncePillar JumpingRoller CastleRoller RunRotor TubesSkateboard FreefallSpline RiderThe Dangerous DescentThe DiscombobulatorThe Drag RaceThe Shifting TempleTie SkippingTunnel PlungeWheel of MisfortuneWobble PolesWrestler's Drag