Can PS do this?

In Fireworks I can select a layer then cntrl+c then cntrl+n to make a new document the exact size of the layer I just selected with all objects. I was talking design with some dude but he said he set his PS to do that. Is that possible? I searched and came up with nothing. The dude could not remember how he did it. That would be great if by some scripting or add-on/plug in I could just select all objects in a layer and make a new document with those size and proportions.