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Im guessin few layers one on bottom was desturated, then you have duplicated the image in the same place selected the rectangled , Selected the inverse then Cut, then added a frame with a small black drop shadow. At a guess?
yes draw a rectangle and then when u have your colour car press ( on a mac shift -apple on the picture of the layer) then goto layer effects drop shadow.
Make a new layer, draw the rectangle in that layer in white, right click the layer and edit the blending options and stroke the rectangle white and drop shadow probably at about 45% angle. Any help? Or do you want more?