I went ahead and created 2 new layers. Layer 2 is just a fill color so that layer 3 will show up. On Layer 3 use your select marquee tool and create a square and fill it with White.
Next lets set up the Eraser tool setting:
Select your Eraser tool.
Make sure that the Eraser tool is set to Mode "Brush".
Then with the Eraser tool selected go to Windows>Brushes . Here we are able to Change the options of our eraser tool
Brush Size will depend on the size of your document.
So select a medium size brush with a hardness of 100% and a spacing of about 90-120%. Spacing will also depend on your dacument size.
Next on Layer 3 (Ctl+Click the layer) to select the layer (martching-ants).
Then open up your Path Palette.Windows>Paths And "makes work path from selection" option.
Your selection should turn from the "Marching ants" to a solid path line. Now click the Path Properties (right arrow at the top) and go to "Stroke Path"
An Option Box will appear. Set the Tool as Eraser and Simulate Pressure unchecked.
Then click OK , then in your Path Pallete delete the Work path and now you should have something that looks like a stamp edge.
A Few more Options you can add.
Drop Shadow:
Texture:
Then your ready for your image and text.
Place your image, crop as needed, add a stroke and/or texture as above.
I hope you enjoyed the tutorial.
More Tutorials: 
