There's nothing built into Word to create your own picture border styles. However, you can write a macro like this:
Sub FormatPictureBorder()
With Selection
.Borders.OutsideLineStyle = wdLineStyleSingle
.Borders.OutsideColor = RGB(255, 0, 0)
.Borders.OutsideLineWidth = wdLineWidth225pt
End With
End Sub
Then you can give that macro a keyboard shortcut and/or add it to the Quick Access Toolbar to make it convenient to use.