Before we start click on the brush tool and change the brush to a hard brush, and make the size between 5 and 9 px, depending on the size of your image. Set your forground color to whatever color you want, I am using a 7 px white brush for my image.
Next, using the pen too [Make sure paths is picked on options bar] to draw around the image like so:
Next add a new layer. While on the new layer right click the path and choose 'Stroke Path'. You will get a dialog box. Make sure it says brush and choose "Simulate Pressure".

The Simulate pressure will make the line skinnier at the ends, thus making it look better.
You should now have something that looks like this:

If you do not, start over. ;)
We are now down with our path so you can right click it and choose "delete path".
You should now have this:
Now it's time to erase the parts you don't want.The best method for this part is using the eraser tool. This is the part of the tutorial where you make it look as if it is wrappping around your image. Make sure you are on the layer with the stroked line and start erasing where you don't want the line to be.
Tip:
Adding a new layer underneath all current layers, and filling it in with black and zooming in sometimes helps with this step.
Your image should now look roughly like this:
Now right click the layer with the stroke on it and click blending options. Add the following layer styles with these settings:

You can substitute the yellow for any color you wish.

You can mess around with other layer styles to get it how you like it.
You're Done! Your image should resemble this one:
I hope you enjoyed yet another tutorial by me. =D If you have any question or comments or anything please post here!