1) Open you picture in photoshop. I'm chose this lovely picture to work with:

2)Select the elliptical marquee tool and make shore you keep these settings:

3) Use the elliptical marquee tool to draw a circle selection in one of the corners of your picture like this. Pick a size depending on how rounded you want your image.

4) Repeat this in every corner of your image until you have something like this. Try to make all the circles look as much alike as possible.

5) Now select the rectangular marquee tool from the tool bar. Keep the same settings as with the eliptical one.
6) Use the rectangular marquee tool to select the rest until you have something like this:

7) Now click right on the inside the selection and pick Layer via Cut. You will now have two layers. Delete the lower one. (Layer -> Delete while selecting layer)
8) Clik right on your remaining layer and choose Blending Options. Use "Stroke" to add a border around your image. I used these settings, but you can use whatever you like.

9) Go to Layer -> Flatten Image.
10) Use the magic wand to select your border. Then click right on the selection and pick Layer Via Cut. You'll get a new layer.

11) Select your new layer, click right and go to Blending Options.
12) Click Bavel and Emboss, + Contour. Use whatever settings look good. I'll be using these:

+ contour 50%
If you decide to change the color of your border, like me, you can do this by clicking Color Overlay. I also used Satin for my border.
Now my result looks like this:

Even if this isn't perhaps the most astonishing thing you've seen, I still think the technique could be at least a little useful in other situations. If you draw the circles well, I think it could look pretty nice















