Sure, and there are probably a bunch of different ways to do it.
The way I would first approach is to make my border using Photoshop or any similar image-editing program. Heck, you can do it in Paint (although it would be tricky).
Then, I would either use a unique color to chromakey the image out, or (if my painting program supported it) add an alpha channel for transparency.
Then, I would put this file on Video 2 and set its transparency options accordingly.
If I wanted it to turn on or off for various reasons, I'd either add copies to that track, or adjust the opacity rubberband.
How are you making a fancy border?
One of the goofy tools I've used to do this has been Word. Word has all these templates and I make what I like, do a screenshot, then paste it into Microsoft Photo Editor. PE allows me to export the image as a GIF with transparency and Premiere understands that. A hokey solution, I know, but if you have a Windows box, it might be useful to know you can pull this off with the simplest tools!
Tell us how it goes!
Cheers,
![[monkey] [monkey] [monkey]](/data/assets/smilies/monkey.gif)
Edward
"Cut a hole in the door. Hang a flap. Criminy, why didn't I think of this earlier?!" -- inventor of the cat door