
Open up a new document, and type whatever you want bordered. 
Click the MagicWand tool, and select your words. You should have a dotted border around it.

Go under Select>>Modify>Expand. Make sure your foreground colour is the colour that you want the outline.

Put 2pixels if you like. It is the example (scroll up^).
Fill it in the colour that you want the outline.
The finished result is this: