Outlining a PSD
I'll be using an Oli Sykes cutout, but you can use any one you want. Click the images if you want to see them bigger.First, you will have to open up an new image that is larger than your cutout.
Next, fill your new image with the colour you want your border to be.
After that, switch over to your cutout and press Ctrl + C.
Then, switch back to your filled image and and press 'Paste As New Selection' (Edit >> Paste As New Selection)
Now, you're image should have a moving border around it.

Next, go to Selections >> Modify >> Expand.
Once the box appears, set the Number of Pixels to any amount you would like.
Click okay.
Now, copy and paste the image, it will have it's own coloured border. Just add text and whatnot, and your’re done!
Here’s mine:
Warning: include(footer.php) [function.include]: failed to open stream: No such file or directory in /home/.pish/kelci/thisstatic.net/psp1.php on line 89
Warning: include() [function.include]: Failed opening 'footer.php' for inclusion (include_path='.:/usr/local/php5/lib/php:/usr/local/lib/php') in /home/.pish/kelci/thisstatic.net/psp1.php on line 89