Wrap photo to a custom shape

[rockinaway]

I have a photograph and a bubble custom shape.

How can I get it so that the photograph wraps into the custom shape and also looks like a bubble? So really, it becomes the background of the custom shape.

 

[mfox]

layer clipping mask- that will make it the shape but not look like one
so I suggest also applying some layer styles

 

[bluelobster]

Also try Filter > Distort > Spherize