This is what we're going to make:

It doesn't really matter what images you use as long as they're blendable. I used this image of Harry Potter. I like this picture a lot since they're all together and it looks good. You can use other images; they don't have to be of a group.

1. We're going to start with this texture by wanderlust. So open a new canvas and put that texture inside it.

2. Take this texture (which I made using the pencil/blur/filter tools) and paste it in the middle. Set it on Soft Light 100%.

3. Duplicate the texture I just gave you again and set it on Soft Light 100% as well.

4. You might or not might need this brush depending on the coloring and your images. However, I'm going to need it for the next step. It's just a simple cricle full of different layers of grays that I made. It helps with blending sometimes. Mine.

5. Take your image/images. If they look too dark or they look like they need refining, duplicate the images (2). Set the second layer of the image on Soft Light. Select the first copy, go to Filter > Blur > Surface Blur. If you don't have Surface Blur, skip it. Then select the 2nd copy of the image and go to Filter > Sharpen > Sharpen.

6. Put your images on the rectangular light texture we added in steps 2-3. Delete everything that lays outside the rectangle. Mine.

7. Select your image with your mouse in the layers palette. If you're working with more than 1 image, make sure you merge them all together (Layer > Merge Down, make sure you select the 2nd image first and then Merge down).

Go to Layer > Layer Style > Outer Glow. Take a look at this image and insert those same values into yours.

8. Now we're going to add a Gradient Overlay to that same image (s). Go to Layer > Layer Style > Gradient Overlay. Use these values. Set your image on Lighten. Or if you don't have Lighten, keep it on Normal. Mine.

9. Take this light texture (credit)and set it on Lighten. If you don't have lighten, set it on screen. That'll work too. IF you want more scratches, duplicate that texture and go to Edit > Transform > Flip Vertically. Then set that second copy of the texture on Lighten/Screen. Mine.

10. Using Times New Roman write some text on the black border towards the bottom right corner. And some other text on top as well. Mine.

11. If you want to add a border, flatten all the layers by going to Layer > Flatten Image. Then hit CTRL + A, CTRL + C, CTRL + P (Select All, Copy, Paste). Select the layer duplicate you just made. Go to Layer > Layer Style > Stroke. Add a 1 pixel Inner Stroke with any color that you want, just make sure it's a color that appears in the blend. Mine.