Let's start with a blank canvas. Create a new layer and then make a selection with the Rectangular Marquee tool. We want it to be the width of the wine glass, but only one pixel high. You may find it easier to zoom in. Like so:
Next, choose a gradient that will go Gray-White-Gray-White-Gray. We chose the Gray (#dedede) and set it at 15% and 85%. The other three markers are White, at 0%, 50% and 100%:
Now create the gradient in the selection we made, in our new layer. We should have something like this:
Now goto Edit > Transform > Scale, and stretch the 1px down to around 75px, or however tall you want the top part of your glass:
Next, we will shape the glass. Press Ctrl+' to turn on your grid to make it easier to get a more symmetrical shape, then goto Edit > Transform > Warp. Shape it something like this:
Next, make a 1px selection at the bottom of the glass, Copy it and Paste into its own layer:
Now goto Edit > Transform > Scale, and do the same - stretch it to the height of the desired glass height:
We repeat the same process as before, and then we want to goto Edit > Transform > Perspective, and reduce the base like so:
We repeat this process to also create the base of the glass. So we should end up with something like this:
Now, we should have four layers, including the background: one with with the top glass; one with the middle; and one with the base. Ctrl-click the top glass to make a selection, and then select the Rectangular Marquee tool and, holding Alt to subtract from the selection, mark off the top of the glass like so:
This will be our liquid. Create a new layer and then either fill with the color of your choice, or edit the gradient we created earlier to the colors of your choice. Then goto Filter > Noise > Add Noise. Make sure Monochromatic is checked, and add a small portion of noise (around 3% or so):
Now change the Blending Mode of this new layer to Multiply (note, it must be above the glass top layer). Also add a nice gradient to the background layer to add more character.
Next, we will create a reflection for the glass. Ctrl-Shift-click all the glass and liquid layers to make a selection of all of them, then Ctrl-Shift-C to copy all. Then Paste into a new Layer. You should have a duplicate of the wine glass now. Goto Edit > Transform > Flip Vertical, and position it below the original, like a reflection:
Then reduce the opacity of this new layer to around 30%, and either add a layer mask with a gradient or Erase with a soft brush. As a final touch, we can create a projected shadow by again duplicating the glass, then Edit > Transform > Scale, and Skew, so that we have something that looks like a shadow. Then we add a gradient overlay of black to transparent, we reduce the Layer fill to 0% and also add a slight Filter > Blur > Gaussian blur to the layer. We end up with this following:
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