Well guys I finally have THE BEST solution for the infamous elevator glitch!!! (I also tried the solution rangita proposed but it didn't work for me... pressing PageUp didn't put me in Ghost Mode)
I am quoting from "http://destinedfor1337ness.blogspot.com"
Open the PandoraEngine.ini (C:\Documents and Settings\USERNAME\My Documents\My Games\Legendary\PandoraGame\Config-Folder) and search for "MaxSmoothedFrameRate=300" and play around with the value. I had to change mine to 30 in order to get it to work, but some have had success with 60 or other values. Good luck.
And that's it. Mine worked perfectly the first time I tried (value at 30) No Ghost Mode, nothing fancy. It's perfect!!!