We will start off with a document of 400x300, and a font size of 68pt, using Impact.
We need plenty of room to cast our shadow. We will create a duplicate of the text layer by right-clicking and choosing Duplicate Layer, or dragging the layer onto the New Layer button. Now with this duplicated layer, we will first Rasterize it (right-click and then choose Rasterize Type). Now we goto Edit > Transform > Skew. We should be able to drag the top of the rasterized text across to the right, so it looks like this (the original text layer is hidden):
Next, we can open uo the layer styles for the shadow but either double-clicking the layer or right-clicking and choosing Properties. We want to add a Gradient Overly to make the shadow blend into the background. For this example, we add a simple black to white gradient. We can also modify the angle to match the direction of the shadow:
We will also reduce the opacity of the shadow layer to 25% and unhide the original text layer. We should be left with something that looks like this:
Using this as a guide, you can tweak the settings to provide different results. Experimenting with PhotoShop is very much advised, as many many results are possible.
