Photoshop :: Frames And Text

two questions photoshop.

1)
How do I make a border with a transparent middle section. So I can use that border for a flash project (picture album etc). I know how to make a border over a picture, I just need to know how to make a border that I can use over any image of my choosing.

2)
How do I make a text only image that is transparent. Lets say I make the word "Home" with a Bevel, how do I keep the word only without the white background? I keep getting the full canvas size (e.g 100X100) with the word Home in the middle (including all the effects I add to the word) on a white background, even when I have set my options to transparent background.