1.  Open your image, duplicate and close the original.  Resize and sharpen if needed.

2.  *optional*  Effects>>>>Plugins>>>>FMTT>>>>Blend Emboss - default settings.

3.  Pick a color from your graphic and set as the foreground color.  I used #B04214.
Set your background color to white and add a 6px border.
Select border with the magic wand and flood fill with foreground color.

4.  Selections>>>>Invert>>>>keep border selected.
Effects>>>>3D Effects>>>>Cutout with these settings:

5.  Effects>>>>3D Effects>>>>Drop Shadow with these settings:

6.  Select None.
Click on your foreground color to open the color window.  With your eyedropper select a lighter shade........move a little down from the small circle showing your current color.  Here I used #DA7A50.  If you're following along with the provided graphic, you can type the color in the box.

7.  Add a 6px border........background color still on white.
Select border with the magic wand and flood fill with your foreground color. 
Keep selected and apply the same Cutout and Drop Shadow from steps 4 & 5.
Select none.

8.  Add a 10px border........white.
Select with the magic wand.
Go to Effects>>>>Reflection Effects>>>>Kaleidoscope and use these settings:

9.  With your border still selected........go to Effects>>>>Plugins>>>>EyeCandy4>>>>Jiggle.
If you have EyeCandy3, use the same settings for all except change Warp to 69.....Bubble 10

10.  Selections>>>>Select All
Selections>>>>Modify>>>>Contract>>>>18px
Selections>>>>Invert

11.  Effects>>>>Plugins>>>>Greg's>>>>Blowout or open Filters Unlimited and choose Gregs/Blowout.
If you're not using Filters Unlimited, you may need to adjust your settings to get the same wavey effect.
Select None.

12.  Add a 3px border........select with magic wand....flood fill with darker color.  I used #B04214.
Add 3px border........select with magic wand........flood fill with lighter color......... #CDAA82.
Add 3px border........select with magic wand........flood fill with darker color......... #B04214

13.  Add 10px border........select with magic wand........flood fill with dark color.........#B04214
Effects>>>>Plugins>>>>Gregs Vol II>>>>Pool Shadow with these settings:

14.  Keep selected.
Go to Effects>>>>3D Effects>>>>Inner Bevel with these settings:

15.  If the finished frame is too large to use on a stationery, resize and sharpen. 

That's it..........you're finished!  Hope you enjoyed the tutorial.