Let's get into it.

It's literally Five Simple Steps

1.

2.

3.

4.

5.

Select a photograph that you can easily cut out. Preferably with a light background. Not something that I used.

To be honest, I don't have a lot of good photos and had to make do with this. :p

Use the Selection tool to make a selection of your photo and Refine Edges

Press Ctrl + J to Duplicate the selected part and hide the previous layer.

It should look something like this.

Add a background of your choice.

What I like to do is, add a rectangle beneath the selected layer. I find it easier to hide/ show.

Add Stroke to the Selected Layer by going to the Layers Panel

Right Click on the Selected Layer and go to Blending Options

Select Stroke and play around with the thickness. It totally depends on the resolution of your photo.

This looks very one dimensional.

Let's add a shadow to add depth and make it more real.

Again, go to Blending Options

Add Shadow and play around with the settings to make it look cool.

Pro-Tip: Adjust the shadow angle to where the light is hitting the subject (You in the photo) and where the shadow should have fallen if a backdrop was behind.

DROP SHADOW

STROKE

Just in case if you're wondering how to go about with the settings, here's a reference.

And there you go!

Your Funky Profile Picture is ready. Play around with different backgrounds maybe add a Duo-Tone Effect