Quick Border

Open up a new document of any size. Mine is 200x200 px.

Using the type tool, write something interesting.

Click on the small F in your layers palette and select Stroke. Enter the above settings.

You should have something similar to what I have on the left. Note You are still able to edit text after placing Stroke on it.

It is also possible to do this with odd shaped images. Play around with the Size and Color until you are satisfied with your result.