I saw this in a picture on the net, so I decided to try and emulate it. I did it relatively easy, don't know how it is done in Photoshop, but in Paintshop pro I did it like this:
1. Load the picture in the background layer.
2. Duplicate this layer 2 times and make only the middle one visible.
3. Give it a nice sepia effect
4. Make a trapesium shaped selection (for 3D effect), inverse the selection and delete the surroundings, see picture
5. Inverse the selection again and contract the selection by 8 pixels. This doesn't make the picture smaller, but selects a similar shape within the picture.
6. Inverse the selection again and click with the selection tool anywhere in the picture. This makes the program to only select the outer 8 pixels of the shape. Make this border white (see picture)
7. Make the upper layer visible and use a mask-layer to only show the mossie in front. Apply a nice shadow to the object.
8. Use the deform tool to make the object on the middle layer a little paperlike and then add some dropshadow to this object (same as the mossie), see picture)
9. Use the mask layer again on the upper layer, to "delete" as much of the blue mossie+shadow as you like and you're ready: