You will need:
a printer, scissors, glue or tape, black bristol board, and white chalk or pencil crayon
First I Googled vintage photos. You can find some neato free images at The Graphics Fairy, it's a pretty good resource. We'll use this on from her site as an example.
I resized it to fill the page, but you can make it any size you want. Trace the out line of your picture onto your bristol board making sure to leave a size-able amout aroung the edges for your frame and cut out.
Cut around the inside of your frame making sure to leave at least a 1/4"-1/2" extra around the inside of the frame so it covers the edge of your picture. You can also make the frame oval, just make sure all the edges of your picture are covered.
Glue or tape your picture to the back of your frame. At this point feel free to use your chalk or pencil crayon decorate you frame to look old and spooky. You could also cut scrolling egdes and add other details. All Finished!!
I think I spent pennies on this....all I really had to buy was brisol board :) They look pretty creepy all over Jessi's house!