I use QimageUlt which is even easier...
But I have experimented in CS5 or 6 and have a trick
1- size and set the resolution for the image
2-add whatever size you need for the wrap border (in white canvas)
3-select the white (newly added canvas area) with the select -color range tool
4-go to edit -fill -content aware, (does a pretty good job on most of the images I tried) ,and you have your wrap
arbitrary step...
if you dont wan't or like the mirror image look for the wrap edges...
1- just pick a color, (with or without texture if you do it in a layer), at whatever opacity you want,or...
2- better yet, you can use the duped image from the content aware fill and soften the border image with one more step by using the motion blur tool (adjust to your preferance for direction and hardness) while the wrap borders are still selected."stretched colors"
David