The icon were going to be creating is all done using shape layers which means you can resize up and down without loss of quality. Were going to start off with a fairly big canvas so create a new document 600 x 600 pixels, fill your background with any color, ive opted for a nice blue gradient background. Select the ellipse tool, in the top toolbar change the tool settings to shape layers.
Draw out a circle filling up most of the canvas, holding down the shift key whilst dragging the circle out will keep the circle's aspect ratio square. Once you've got your circle add these layer styles.
You should have something like this.
Label your first circle layer "CD BASE" then duplicate it. Rename the duplicated layer to "CD SHINE" right click the layer and goto "clear styles". Now add these layer styles to your "CD SHINE" layer.
Once you've added the gradient overlay set the layer fill amount to 0%.
Select the rectangular marquee tool and make a thick rectangle across your canvas. Fill the rectangle with any color.
Add a gradient overlay to your rectangle, you can use what every colors you want in the gradient overlay, the colors will be the little reflective colors you see on the cd's. Ive opted for a simple blue gradient.
Create a new layer above your gradient overlay layer which you was just working on. Hide all the layers apart from the new one and the one with your multicolored rectangle. Goto "layers > merge visable" then unhide all layers. Rotate your colored rectangle by pressing Ctrl + T. The angle doesnt have to be anything in particular. Make sure your colored rectangle is selected, whilst its selected click your "cd base" layer whilst holding down the Ctrl key. Goto "select > inverse" and hit the delete key.
With the ellipse tool create a smaller cirlce in the center of your cd.
Change the fill amount for the layer from 100% to 0% then add these layer styles.
You should have something like this.
Select the ellipse tool again and create another cirlce inside the one you just created, make the circle smaller by about 50px or so.
Add these layer styles to your new circle.
With ellipse tool again, create another circle abit smaller than the last one. Set fill amount to 0%. Then add these layer styles.
You should have something like this.
Once again for the last time create another circle using the ellipse tool. This circle is for our hole in the cd.
Add these layer styles to your circle.
You should have something like this.
Additional Steps
Now were going to add some circular text onto our black inner circle. To do this we need to select the ellipse tool and change our settings to paths.
Draw our your path so it's in the middle of your black inner circle.
Select the type tool and move your cursor over the path, the icon on your cursor should change.
Once the icon changes click your mouse button, you should now be able to type your text and the text should follow your path.
Next select the pen tool and create a selection like this.
Fill the selection with the color white and set opacity to about 20%. Thats it all done, heres my finished result.
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