Once you get beyong the pre packaged here is how to do it.

Frame or Matt

The steps seem many but the process is very repetitive and once done they become second nature. If you have a Mac substitute option key for alt key, and I think Ctrl is called Command (the one that looks like a flower).

Over images

(1) Select background colour using the eyedropper ( I )
(2) Completely select your image with the crop tool ( C ) (3) Holding down Alt + Shift keys and expand the canvas by pulling out one of the corner handles on the crop frame and click anywhere inside the crop frame to commit it. (Shift maintains the aspect ratio) and (Alt move out from the center)
(4) Using the Magic Wand setting Tolerance to 1, Contiguous to on select the expanded part of your image (W)
(5) Copy and paste this selection. ( In "Ctrl + C " will copy and then "Ctrl + V" will paste. ( In Photoshop with "Ctrl + J" you can do both steps at once.)
(6) Using the Layers Styles add bevel and drop shadow to taste. In Elements this is found at >Window >Layer Styles. In PhotoShop click the little "f" at the bottom of the layers pallet.

Under image

(1) Select background colour using the eyedropper ( I )
(2) Completely select your image with the crop tool ( C ) (3) Holding down Alt + Shift keys and expand the canvas by pulling out one of the corner handles on the crop frame and click anywhere inside the crop frame to commit it. (Shift maintains the aspect ratio) and (Alt move out from the center)
(4) Using the Magic Wand setting Tolerance to 1, Contiguous to on select the expanded part of your image (W)
(5) Invert the selection (Ctrl + Shift + I)
(6) Copy and paste this selection. ( In "Ctrl + C " will copy and then "Ctrl + V" will paste. ( In Photoshop with "Ctrl + J" you can do both steps at once.)
(7) Using the Layers Styles add bevel and drop shadow to taste. In Elements this is found at >Window >Layer Styles. In Photoshop click the little "f" at the bottom of the layers pallet.

Mat and frame

If you are going to do this you may have to expand your selection to cover the outer edge of the mat >Select >Modify >Expand

Problems that may occur here is the placement of your frame layer must be over the mat layer or you will get 3D conflicts.

CMP

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Frames