Step 1 - Find Your Stock Photo
Open a starting image, this image is going to be your base. In this tutorial I am going to be making an ad for a mp3 website. To find an image to use, search for "music" or "teen+headphones" in google or some other stock photosite. Make sure you do not use copywritten material. I used this image.
Step 2 - Add Some Gloss
Now we are going to make the image a little glossy. Press "CTRL+L" and move the middle slider until the box in them middle (highlighted in red for you) says "0.72"
Step 3 - Add A Circle
Select the marquee tool and make it so it is a circle, draw a circle inside your image and fill it with white "#FFFFFF" like show. Hold shift if you wish to keep the circle perfectly round.
Step 4 - Edit The Circle
We are now going to delete the middle out of the image, in the top tool bar click "Select>Modify>Contract" type in "5" hit "Ok" and then on your keyboard hit the "delete" key. Your image should look like this.
Step 5 - Add The CD's
Now we are going to add the CD's. Find some images of CD's that you'd like to use and paste them onto this document. You can can out the images of the CD's I used from this image.
Step 6 - Drop Shadow and Outer Glow
After you have one pasted onto the document, go to the top and click "Layer>Layer Style>Drop Shadow..." and make your settings match mine. Now on the left click "Outer Glow" and again, make your setting match mine.
Step 7 - Rotate The CD's
Do the same for the rest of the CD's or how ever many you would like to add. Now "Edit>Transform>Rotate" and rotate your images so one is in the middle and 2 are on the ends like this.
Step 8 - Text Background
On the bottom add a large rectangle across the width. Now using your eraser tool, drag a line though the bottom of the bar you just made. Change your layers opacity to "44" so it comes out looking like this.
Step 9 - CD Image
Now find an image of a blank CD and import it onto the document. Here's the one I've used. This is going to be added beside the text background to give it some flavor. Place the CD in the lower right part of your image where you think it looks good.
Step 10 - Your Done!
The rest is just adding the text you want and maybe a few more CD's. Here's the result I've come up with after some more image additions and my text. Hopefully yours looks as good!

