I sure am no PSP pro, but this is my attempt at Versace with the knowledge I have. It would be nice, if other PSP users could add to these steps to make it look even more similar to Versace.

-Once I have my image I Add Border (40 pixels) to maintain the rectangle, after I add the Picture Frame. If not, the picture frame will use part of the image.

-Add Picture Frame. I altered this frame in PSP to more or less the shape that Versace uses and saved as a "Versace" frame. Image/Picture Frame/Frame Canvas/Frame Inside of the Image. This adds the black border with a white edge.

-Image/Add Borders (40 pixels/White)

-I selected the white background with the Magic Wand.

-Used the Dropper to choose a color from Gizmo's photo and the Paint Bucket with a Canvass Texture to fill the selection.

-Invert Selection

-Selections/Modify/Contract. I used four pixels, so the white doesn't show in the drop shadow.

-Effects/3D Effects/Drop Shadow. I used 25 pixels.

-Resized and Compressed.