I found the action for doing this on a site that I have no frigging idea how to get back to. It was written by Steve Randle and is free. I do have a copy of it on my site so you can get it there.

Here we go... go to http://www.classyshots.com/downloads/ in your browser. You will see a file called Steve Randles's frames.atn. Right click on it and select "save file as" or "save target as" depending on your browser. Save the file to your desktop. Now open Photoshop and make sure your Actions Palette is open. If you don't see it, on the top menu bar click on Window then on Actions to open it. Now drag the downloaded action off your desktop and drop it on your Actions Palette. When done it will be added to the bottom of your action list like  this.

Now you need to turn the action on and open it up. Check the box for it and click the down arrow like this.

This action is set up to resize the image to 540 wide or 540 tall the way it is configured. ALWAYS work with a copy of your image and not your original!! Open the image you want to work with, tell the action what you want to do and play it. This is the next step. Click on Dble Matte Frame and click the play button. You will get popups and windows telling you want is going on. You can set the amount of sharpening and then select the colors you want for the matts and frame. If you don't want white you can use your eyedropper tool to select colors from your image or just select a color as your foreground color. Click the play button again to start the action playing where it left off.

If you want to get brave and start messing with the size you can double click on this part of the action to change it. I'm not going to go into detail here on changes and mods to the action as I'm sure not an expert on it. Play and learn and have fun.

For those of you using Photoshop Elements take a look in your special effects and filters. There are some frame and matte options in there that may work for you.