Draw a frame on a new layer (ie the white border). the easiest way is draw a square or rectangle with the marque tool. then use stroke the create the border, then use the transform tool to dirstort the perspective.
then duplicate the photo layer and turn it off, this way you have a base to go back to.
create a layer mask on the photo layer, and use the mask to cut out everything but the bits inside the frame and the bits you want to stick out
go to the frame layer and cut out the bits of the frame that overlap the image sticking out (so it looks like the frame is beneath the image sticking out)
now depending on the image you may want to add some drop shadow to it so it looks like its away from the grey
finally create a new layer behind the photo and fill it with a netraul colour