I tried some experimenting in CorelDRAW X4 with a variety of tools -- bezier; gaussian blur; intersect; and layering to create this effect.
First attempt, so ANY criticism is welcome.
A watermark shape.
I had used two images -- one from the version 11 photos (the 'marsh') and the other Goggled (the 'ruined arch'), which did have a mark through the picture. I could have Photo Painted it but was just trying to get this 3D-ish look without making it perfect, and with the little experience I have with PP, just wanted to do it exclusively in DRAW.
