I concur with Marlowe's reply to your line of questioning, Cronos. In order to save time, I won't reiterate what's already been said.
Although I will add:
>>so if you are in the "elect", you can lead a hedonistic life and yet wind up in heaven<<
Salvation brings about a godly sorrow for sin. While we still sin, it grieves us because it grievs the Holy Spirit. I daresay a saved Christian will not sin with complete "carte blanche" impunity and not have it bother his or her conscience. We grieve for our sin, and it brings about our desire to repent and "go and sin no more".
>>if you aren't in the "elect", you can live like a saint and still burn?<<
Works don't save. Just as baptism doesn't save. Just as "The Church" doesn't save. Only Christ saves.
Salvation brings life everlasting. Conversion brings us godly sorrow for sin.
Christ chose to save us through the above means. God saves us using many different instruments.
Regards