Faking the Lomo effect in Photoshop

1. File: Open: the picture you want
2. Image: Adjustments: Brightness/Contrast: increase contrast by 20
3. Image: Adjustments: Hue/Saturation: increase saturation by 20
4. Choose the Rectangular Marquee Tool (your basic selection tool)
5. Change feather amount to 1/12 the width of your picture (if your picture is 600px wide then you will set your feather to 50px)
6. Select your entire picture note: using select: all, will not work
7. Select: Inverse
8. Layer: New: Layer
9. Change your primary color to black. Fill the selection (on the new, blank layer).
10. Change the blend mode of this layer to Overlay
11. Layer: Duplicate Layer
12. Now select your base layer (the one with the picture on it).
13. Layer: New: Layer
14. Change your fill tool to Gradient
15. Change your Gradient Type to Spherical
16. Change your Gradient Shading Style to "foreground to transparent" (I believe this is the default).
17. Change your primary color to white.
18. With the fill tool selected, click in the middle of the picture, and drag the line out to the farthest edge of your picture (if it's a portrait, use top or bottom, if landscape, use left or right).
19. Change the blend mode of this layer to Overlay
20. Change the Opacity of this layer to 80% (or whatever you see fit)

Results:

Photo by Hugo, at Flickr

http://www.lomophoto.com/fakelomo.php