This tutorial was written by me, Zuzzanna on July 31 2010
any resemblance to any other tutorial is completely coincidental.
I'm using a tube from Michael Landefeld you can buy a license to use his tubes here
do not use the same tube without a license

My supplies here
do not share my supplies in other tutorials without my permission.

Open the materials and select the background
go to Image and choose one of the picture frames
I chose Edge round 03
merge layer down

copyNpaste the water heart as new layer - resize 85 %
drop shadow 1-1-50-10 black

copyNpaste the frame and the wood, see my tag for placement - add drop shadow of choice
add your tube and place it on the wood

select the Pearl tube
Shift + D and close the original
now select around the pearl with selection freehand tool point to point
mirror your tube and paste it as new layer
move it into place inside the selection - selection invert - hit delete - select non
layers merge down
resize 40 % and paste it on your canvas

add your name and copyright
I used Primary Elector Platinum for my name you can get it here
place it on the wood

select the frame layer and click inside with magicwand
modify expand by 10
copyNpaste my water picture as new layer
place it inside the selection - selection invert - hit delete - select non
move it under the frame - drop shadow the frame

select the picture layer - copy - open AS - paste as new animation
effect - under water effect  with these settings

delete the first frame there's no effect on it
I ended up with 8 frames

back in psp - close all layers above the picture layer
copy merge - back in AS paste as new animation

back in psp
open these layers and close the rest
copy merge - in AS paste as new animation

now duplicate these two layers so you end up with 8 frames 
the same amount as your animation

Ctrl + A to select all the frames on the background
Ctrl + A  on the animation
hit the propagate paste button and drag the water ani onto your background
repeat with the top layer and drag it into place

save as gif with default settings and your done ☺