In Photoshop CS6, the new version of Photoshop, you can use special cropping tool and you are done, but that doesn't mean you cannot achieve the same result with older versions.
First I will show you the easiest way in Photoshop to create even, concentric circles and after we will ad an inverted text to make it look hypnotic in a groovy kind of a way.
Pretty simple and not to long Photoshop tutorial, where you will add a random photo of a person onto a rock and then make it look like it's been engraved.