Thanks all for the interest. I'm sure there are other ways to do these, but this is the basic workflow that I learned a couple of years ago. Although one can download actions for PS and even for Elements (go to http://www.shutterfreaks.com for PS and Elements, http://www.atncentral for PS actions) for many border and framing effects (and I certainly have those), sometimes it's fun to do them by yourself. Once you learn the workflow, like anything else, you can create these quickly. And the sky is the limit on what you want to fill the borders with. I'm running on Elements ver 1.0 and PS ver 6.0 here, so hopefully not too many changes like menus and such have changed in the newer versions you all are using. Thanks again.
Bill
Here it goes...

Simple Custom Borders for Photoshop and Photoshop Elements

Adobe Photoshop Elements

1) Open image and expand your working space.
2) In the Layer Palette, unlock image (Background) by double clicking on the padlock icon and rename the layer if you want. By default, it will become "Layer 0".
3) Create a new layer by clicking on "create new layer" icon at the bottom of the layers palette (next to the trashcan icon). By default, this layer is named "Layer 0 Copy".
4) Drag this new copy layer underneath the unlocked original layer.
5) Optional Step:
To create a very thin border around the image, select the original unlocked layer on top. Select a color that you want. Select>All. Edit>Stroke. Choose the width in pixels (for a 800x600 image, 5 or 10 pixels is good). Click OK. A thin border should be around your image. Deselect.
6) Increase Canvas size. Go to the copy layer at the bottom now. Set your foreground color to white. Image>Resize>Canvas size. In the dropdown measurement boxes, change from percent to pixels. Increase the width and height by the amount of pixels you want (more for large images, less for small images).
7) You now have a transparent border around the image.
8) This border can be filled with whatever you like.
a) Solid color: Choose a color from your image with the eyedropper tool and use the paint bucket tool to fill the border.
b) Pattern: Again, with the paint bucket tool, in the paint bucket options bar, for the Fill drop down menu: choose pattern. Pick a pattern from its dropdown menu. Fill with the paint bucket tool.
c) Gradient: Gradients are nice. Choose 2 colors from your image and select the gradient tool. Set your mouse pointer within the border and click and hold the left mouse button and drag inside across the border. Unclick the mouse. Gradients look best when doing this on the verticle sides of the border.
d) All these borders can be adjusted in levels, hue, saturation, lightness, brightness, contrast, etc.
e) Fill with a blurred enlarged duplicate of your image. Stay in the bottom "copy" layer. Use the Free Transform tool to resize the duplicate to fill the canvas. Hit Enter. You can darken the border in Levels and apply a heavy Gaussian Blur (Filter>Blur>Gaussian Blur).
f) You can also add to the border with things like Paint Daubs or any Brush Strokes from the Filter menu.
9) Creating a style around your inner image such as a bevel or drop shadow:
a) Looks best if you don't follow the optional step #5 above.
b) Click and select the top original unlocked layer.
c) Click on the Layer Styles tab in the Palette Well up near the main menu bar.
d) Choose the effect you want such as a bevel (several to choose from) and/or drop shadow (again, several styles to choose from).
e) After you applied the style, go to Layer>Layer Style>Layer Style Settings to fine tune that style you just applied.
10) Save as a psd to edit later, or Flatten image and save normally.


Adobe Photoshop Full Version

1) Basically the same as the directions for Elements, above. Step 9, creating styles around the inner image changes, however.
2) Select the top unlocked original layer in the Layers Palette.
3) In the Layers Palette, click on the "Add a Layer Style" icon at the bottom of the palette (the "f" icon).
4) In the dropdown menu, select what style you want to apply. Click. Customize and fine tune the style in the Layer Style pop up window that appears.

Examples:
This was done in Photoshop (w/ Dave's midnight sepia action) and a bevel applied to the image:
http://www.pbase.com/wvphoto/image/38238956/medium.jpg

This was done in PS (w/ Dave's midnight gold action) then brought into Elements for the frame and text (no bevel or style here):
http://www.pbase.com/wvphoto/image/38800539/original.jpg