1. Open the image you want to crop and frame.
2. Select the area you want to keep, using the Rectangular Marquee Tool.
3. From the Image menu, choose Crop.
4. Press Ctrl+Alt+C to change the canvas size, and add a white border to your pictures (notice the size/border ratio in my screenshot below and choose settings to match your image size).
5. Change the canvas size again, and this time add the black frame. Again, the size depends on the dimensions of your image.
6. Enjoy your result!