Illustrator cannot directly edit the pixels in a placed image. You can sometimes get what you want using the Photoshop effects in the Effects menu (bottom half), but in this case I doubt anything there will help. You’ll have to either add the stroke in Photoshop or add paths in Illustrator. If you have the font, just set the text to match the text in the PSD and give it the stroke you want and no fill. If not, get handy with the pen tool.
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You need to make a hi contrast image in Photoshop of the logo needing to be stroked, save this out and place it in the exact same place as the logo you want to stroke only on a layer above. Now do a live trace of this hi contrast image to make a vector, expand the trace and select only the outer most silhouette vector, copy that above your logo to be stroked and stroke the path you have made.
Thanks, I took the project over to InDesign (iLL causes me too much reading the fine manual, but many thanks for input)...