1. Make a new picture (CTRL+N) i used the format 477x250 pixels.
2. Make a background, look in theese other tutorials to learn how, this, this, or this.
3. Click on the 'Rectangular Marquee Tool' and select a box inside the image. (look at the image below)
4. Click on Filter > Distort > Pinch, set Amount to -100, OK.
5. Press CTRL+F 6-7 times. Press CTRL+D to deselect. You should now have something like the image below:
6. Click on the 'Eyedropper Tool' or press 'i'. Select the color of the oval in the middle of the image.
7. Click on the 'Horizontal Type Tool' and write something in the middle of the image. Don't be supprised you you cant se the text you have written, it is supposed to be like that =)
8. Double-click on the text-layer to get the blending options window up.
9. Click on 'Inner Shadow', set Distance to 2.
10. Click on 'Outer Glow', click in the colorbox and set the color to white, click OK.
Here is my final result:
