These are certainly both possible with Screenblast, although not with a single click.
You may need to produce the photo with the picture frame around it in a graphic in a program like Photoshop or Paintbrush, but the effect is possible.
I'm not sure what you mean by a Polaroid-type image, but you can certainly capture an image from your video and fade it in from white, like a Polaroid developing itself.
Maybe if you can describe what you're trying to do in more detail we an help you out.
You can simulate a camera flash by placing a white-background, semi-transparent, empty (no text) text item on the top track. Make it one frame, or two maybe, in length.
...and if you order right now, we’ll through in a Cookie Cutter FX to add the white border just like a professional polaroid. A $19.95 value absolutely free! Operators are standing buy so call now. ;-)