Let's create some cool text with some nice shading to give it some dimension.
Open a new file and set the image size to 500 X 200 pixels, resolution to 72, and mode to RGB color.
Next we will want to create a new layer. Do this by clicking on the "new layer" (Hotkey Shift+Ctrl+N) button at the bottom of the layers palette. If the layers palette is not open choose "window" from the menu bar, and click on "Layers".
Next select the little black and white squares underneath the color tiles. This will set the default colors to black foreground and white background.
Go over to the tool bar and select the big "T"(Hotkey T). If you hold down for a second or two, you will get a flyout menu. Click on "Horizontal Type Tool".
Now we will need to choose a font. Click on the font drop down menu and select your font. I will use Comic Sans MS for this tutorial. Keep in mind that it is best to use a bolder type of font here. The shading we will do will stand out much more with this type of font. But really, whatever floats your boat. You won't hurt my feelings.
Now we will need to select a font size. Highlight whatever number is in this window, and type 100.
Now click in the work area and type "Cool Text". Notice how the layer with our text on it now says "Cool Text". The text tool always creates this based on the first few words you write.
You may notice that your text is not centered in your work area. We will have to select the move tool from the tool box. Click and drag the text to center it.
Next we will click "add a layer style" button on the bottom left of the layers palette, and then choose "Blending Options" from the flyout menu.
This opens the "Layers Style" window.
Click in the box next to "Color Overlay", and then click the box as shown below. Just check marking the box will not open the blending options available for this feature. If the color box next to the "Blend Mode" window is not red, click on that box and click somewhere in the red zone in the color picker and select "OK".
Next check mark the box next to "Bevel and Emboss". Make sure to click and open the blending options for this feature. Move your settings to what is shown below.
Ahh! Now we're getting somewhere! Check and open the "Drop Shadow" options, and set as shown below.
With any luck at all, you ended up with something like this:
Once again I encourage playing around with all of these settings. It is the best way to learn how things work. Some of the coolest things that I have come up with, I have just stumbled upon while playing around. Go on, don't worry. You won't break anything! If worse comes to worse, just start over! The probability of you melting down your computer is slim...I promise!