5.  The frame is actually pretty nice looking at this point, but I want to add a little bit of a bevel at this point.  So I actually just want the black part of my frame.  Select the layer with the black frame on it.  Than while holding the ctrl button click on the white layer.  You should see a dotted border around the inside of the black frame.  Press delete to get rid of the black parts underneath the white area as we won't need it.  

At this point your 3 layers should look like this.  One image layer, the white frame below it, and the cut out black one on the bottom.

6.  Now go into the layer properties (I like to double click on the black layer) and go to Bevel and Emboss.  You can play around with the settings, but for the look I wanted you can see the settings I used.  Another option at this point is just to click on the different default Photoshop layer styles.  There might be one you like.

Your done!  It's actually not too hard to do.  I would suggest you play around with the settings to find a frame that suits you.  If you always want to use the same frame than you can save it as an action so that photoshop will do it for you.  To do that just start all over again.  But before step one.  Click on the create new action button.  And when your done click on the stop button.  From now on you just have to play the action to create your frame.