To create a plastic effect on text, you must first create a new, large image (I used 600X300) and fill with your preferred background colour.
Create a new layer by going to layer>>new>>layer and click OK.
Now, select the text tool and type in your text, using whichever colour you would like.
Download this file, and unzip it to C:Program FilesAdobePhotoshop 7.0
PresetsStyles or something similar to that.
Back in Photoshop, go to window>>styles.
In the styles window, click on the arrow pointing right in the top right corner.
Go to replace styles>>Plastic Text 2.asl.
Now with the layer containing your text still selected, click on the plastic text 2 style in your styles window.
You should have something similar to below:
Now go to layer>>layer style>>color overlay.
Set the opacity around 40%-60%, and the blending mode at normal.
Click on the colour you see beside the blending mode option.
Choose any colour you want, and click OK.
The results below:
