>>1881481>>1881685Pic related is the tl;dr version
You will need two images, a background and a render.
First of, make a copy the background layer and blur it (Filter > Blur > Gaussian Blur). What I did next is decrease the saturation of the blurry background by making a Black & White setting layer and reducing it's opacity to about 50%.
Next up is the boxes. You'll kind of have to figure out their position on your own based on where your icons will be. Create the boxes using the Rectangle Tool.
Now you'll add the white outline to them. Select any of the rectangle layers and then go to Layer > Layer Style > Blending Options. In the new window, check the Stroke layer and adjust it so it's inside, 3px wide and white.
You can copy the outline setting of one layer by right clicking on it and selecting Copy Layer Style and Paste Layer Style on the other rectangles.
Now, you should have that original background layer somewhere. Make one copy of it for each rectangle. Change the layers' positions so that there's one background layer above every rectangle layer. Now select a background layer and press Alt + G. This'll create a clipping mask with the layer below it (i.e. the rectangle). Repeat for all rectangles.
Now it's time to add the render. Position it where you want it to be and make a copy of it. The render's layer should be above the layer of the rectangle you want it to pop out of. Now press Alt + G again. Now select the render copy which isn't a clipping mask and delete the bottom half, i.e. the parts which aren't supposed to pop out. At this point you should have an image which looks similar to mine.
As for the clock, that's made in Zooper. Make a clock first, then make a rectangle and mold it until it resembles the shape of the head which is supposed to cover the clock. Then find the Drawing Mode and select Clear. You should now have a clock which looks like it's been partially eaten. Mess around with the options until you find the right position.