Result:
Open a new file in Photoshop with any size, i took 300õ130 pixels. Fill it with white. Then choose Type tool and type any name you want. I took standard Times New Roman font and size 48 pixels.
Let's colorize our letters in different colors. Using the same Type tool select first letter:
and choose color for it:
Do the same with the second letter using different color:
Do it with all letters. Good rule for that is to repeat the same colors every 3-4 letters in the same order.
Now we gonna add some cool effects to our text. Layer-Layer Style-Drop Shadow.
Look at our shadow:
Layer-Layer Style-Bevel and Emboss. Click on Contour:
All done!
More Tutorials: 
