Here's an example of what you can do with it. First I recolored the bling. Then I made a direct-selection of the layer (ctrl+click on the layer) to get the marching ants around the element. Then I create a new layer under the XOX layer and expand the selection by 10 pixels. I then filled the selection (on the bottom empty layer) with a solid color and applied a layer style to this layer. I then direct-select the XOX layer again and deleted this portion in the bottom layer to make the "border". Merge the layers and you have your unique element! Click on the photo below for the full blown view.