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An extension of the answer by Vitaliy. We can reproduce the Heike's style of torn edges with ImageEffect of version 10.2 by Blocking the Accumulate function:

i = ExampleData[{"TestImage", "Mandrill"}];

t = Block[{Accumulate = RandomReal[1, Length[#]] &}, 
  ImageEffect[i, {"TornFrame", Scaled[1/15], {Right, Bottom}, .08}]]

(the hack is found by tracing the evaluation of ImageEffect).

Here is how to add a semi-transparent shadow:

offset = 10;
blur = 5;
shadowTone = .5;
ImageCompose[SetAlphaChannel[ColorNegate@#, #] &@Blur[
   ImageMultiply[ImagePad[AlphaChannel[t], {{offset, blur/2}, {blur/2, offset}}],
    shadowTone], blur],
 ImagePad[t, {{0, offset + blur/2}, {offset + blur/2, 0}}]]

Sometimes it is desirable to highlight the boundary:

boundaryLigntness = .4;
ImageCompose[
 SetAlphaChannel[ColorNegate@#, #] &@Blur[
   ImageMultiply[ImagePad[AlphaChannel[t], {{offset, blur/2}, {blur/2, offset}}], 
    shadowTone], blur],
 ImagePad[ImageMultiply[t, 
   ColorNegate@ImageMultiply[MorphologicalPerimeter@AlphaChannel[t], boundaryLigntness]],
  {{0, offset + blur/2}, {offset + blur/2, 0}}]]

Update

Here is a non-hackish way to reproduce the Heike's style of torn edges using ImageEffect of version 10.2 with even higher irregularity (irregular steps):

i = ExampleData[{"TestImage", "Mandrill"}];

t = Module[{step = 10, if, n = 2 Total[ImageDimensions[i]], k = 0}, 
 if = Interpolation[
   Transpose[{Accumulate[Prepend[RandomInteger[{step, 2 step}, n], 0]], 
     RandomReal[1, n + 1]}], InterpolationOrder -> 1]; 
 ImageEffect[i, {"Frame", if[++k] &, 15, {Right, Bottom}}]]

Original answer

An extension of the answer by Vitaliy. We can reproduce the Heike's style of torn edges with ImageEffect of version 10.2 by Blocking the Accumulate function:

i = ExampleData[{"TestImage", "Mandrill"}];

t = Block[{Accumulate = RandomReal[1, Length[#]] &}, 
  ImageEffect[i, {"TornFrame", Scaled[1/15], {Right, Bottom}, .08}]]

(the hack is found by tracing the evaluation of ImageEffect).

Here is how to add a semi-transparent shadow:

offset = 10;
blur = 5;
shadowTone = .5;
ImageCompose[SetAlphaChannel[ColorNegate@#, #] &@Blur[
   ImageMultiply[ImagePad[AlphaChannel[t], {{offset, blur/2}, {blur/2, offset}}],
    shadowTone], blur],
 ImagePad[t, {{0, offset + blur/2}, {offset + blur/2, 0}}]]

Sometimes it is desirable to highlight the boundary:

boundaryLigntness = .4;
ImageCompose[
 SetAlphaChannel[ColorNegate@#, #] &@Blur[
   ImageMultiply[ImagePad[AlphaChannel[t], {{offset, blur/2}, {blur/2, offset}}], 
    shadowTone], blur],
 ImagePad[ImageMultiply[t, 
   ColorNegate@ImageMultiply[MorphologicalPerimeter@AlphaChannel[t], boundaryLigntness]],
  {{0, offset + blur/2}, {offset + blur/2, 0}}]]

An extension of the answer by Vitaliy. We can reproduce the Heike's style of torn edges with ImageEffect of version 10.2 by Blocking the Accumulate function:

i = ExampleData[{"TestImage", "Mandrill"}];

t = Block[{Accumulate = RandomReal[1, Length[#]] &}, 
  ImageEffect[i, {"TornFrame", Scaled[1/15], {Right, Bottom}, .08}]]

(the hack is found by tracing the evaluation of ImageEffect).

Here is how to add a semi-transparent shadow:

offset = 10;
blur = 5;
shadowTone = .5;
ImageCompose[SetAlphaChannel[ColorNegate@#, #] &@Blur[
   ImageMultiply[ImagePad[AlphaChannel[t], {{offset, blur/2}, {blur/2, offset}}],
    shadowTone], blur],
 ImagePad[t, {{0, offset + blur/2}, {offset + blur/2, 0}}]]

Sometimes it is desirable to highlight the boundary:

boundaryLigntness = .4;
ImageMultiply[t2, 
  ColorNegate@
  ImageMultiply[
   MorphologicalPerimeter@
    ImagePad[AlphaChannel[t], {{0, offset + blur/2}, {offset + blur/2, 0}}], 
   boundaryLigntness]]

An extension of the answer by Vitaliy. We can reproduce the Heike's style of torn edges with ImageEffect of version 10.2 by Blocking the Accumulate function:

i = ExampleData[{"TestImage", "Mandrill"}];

t = Block[{Accumulate = RandomReal[1, Length[#]] &}, 
  ImageEffect[i, {"TornFrame", Scaled[1/15], {Right, Bottom}, .08}]]

(the hack is found by tracing the evaluation of ImageEffect).

Here is how to add a semi-transparent shadow:

offset = 10;
blur = 5;
shadowTone = .5;
ImageCompose[SetAlphaChannel[ColorNegate@#, #] &@Blur[
   ImageMultiply[ImagePad[AlphaChannel[t], {{offset, blur/2}, {blur/2, offset}}],
    shadowTone], blur],
 ImagePad[t, {{0, offset + blur/2}, {offset + blur/2, 0}}]]

Sometimes it is desirable to highlight the boundary:

boundaryLigntness = .4;
ImageCompose[
 SetAlphaChannel[ColorNegate@#, #] &@Blur[
   ImageMultiply[ImagePad[AlphaChannel[t], {{offset, blur/2}, {blur/2, offset}}], 
    shadowTone], blur],
 ImagePad[ImageMultiply[t,  
   ColorNegate@ImageMultiply[MorphologicalPerimeter@AlphaChannel[t], boundaryLigntness]],
  {{0, offset + blur/2}, {offset + blur/2, 0}}]]

Just an addition to the answer by Vitaliy. We can reproduce the Heike's style of torn edges with ImageEffect of version 10.2 by Blocking the Accumulate function:

t = Block[{Accumulate = RandomReal[1, Length[#]] &}, 
  ImageEffect[i, {"TornFrame", Scaled[1/15], {Right, Bottom}, .08}]]

(found by tracing the evaluation of ImageEffect).

It is not difficult to add the shadow too:

ImageCompose[Blur[ColorNegate@Binarize[ImagePad[t, {{10, 0}, {0, 10}}], 0], 5], 
 ImagePad[t, {{0, 10}, {10, 0}}]]

A modification with semi-transparency:

ImageCompose[
 SetAlphaChannel[#, ColorNegate@#] &@
  Blur[ColorNegate@Binarize[ImagePad[t, {{10, 0}, {0, 10}}], 0], 5], 
  ImagePad[t, {{0, 10}, {10, 0}}]]

An extension of the answer by Vitaliy. We can reproduce the Heike's style of torn edges with ImageEffect of version 10.2 by Blocking the Accumulate function:

i = ExampleData[{"TestImage", "Mandrill"}];

t = Block[{Accumulate = RandomReal[1, Length[#]] &}, 
  ImageEffect[i, {"TornFrame", Scaled[1/15], {Right, Bottom}, .08}]]

(the hack is found by tracing the evaluation of ImageEffect).

Here is how to add a semi-transparent shadow:

offset = 10;
blur = 5;
shadowTone = .5;
ImageCompose[SetAlphaChannel[ColorNegate@#, #] &@Blur[
   ImageMultiply[ImagePad[AlphaChannel[t], {{offset, blur/2}, {blur/2, offset}}], 
    shadowTone], blur],
 ImagePad[t, {{0, offset + blur/2}, {offset + blur/2, 0}}]]

Sometimes it is desirable to highlight the boundary:

boundaryLigntness = .4;
ImageMultiply[t2, 
 ColorNegate@
  ImageMultiply[
   MorphologicalPerimeter@
    ImagePad[AlphaChannel[t], {{0, offset + blur/2}, {offset + blur/2, 0}}], 
   boundaryLigntness]]