1. Start new document with 550 width and 550 height. Create New layer. Select Rectangular marquee tool and draw a large rectangular for MP3 player. Named it "Base"
2. Apply these effects to the layer
3. Select "Base" with Ctrl+ Mouse Click and Contract it by 6 px (Select>Modify>Contract)
4. Press "D" to reset the foreground and background color. Create new layer and apply reflected gradient from top to bottom. Call it "Base Reflection". Set its layer mode to "Overlay".
5. Select "Base Reflection", Create new layer and apply stroke effect (Edit>Stroke). Set its layer mode to overlay.
6. Again select "Base Reflection", Apply 2 Px Feather (Select>Feather). Create new layer and again apply stroke effect but this time with black color.
7. Create new layer. Select Rounded Rectangle Tool set its radius to 15 Px and draw a rectangle like this:
8. Apply Reflected gradient from bottom to top. Apply these effects:
9. Now give this screen some shine. Press "D" to reset colors and Press "X" to exchange colors, Create new layer and select ellipse tool and draw a large ellipse. Press Ctrl+G to group it with previous layer. Set its layer mode to "SoftLight".
10. Create new for "Navigational Slider". Select Rounded Rectangle with 15 px radius. Draw a Slider click this:
11. Apply these effects:
12. Ok Add a moving effect to navigational slider. Create new layer and again draw a slider but this time it should be smaller. Apply these effects:
13. Create new layer for Navigational Handle (I have no other name for it ?). Select rounded rectangle tool, set its radius to 15 px and draw a small rectangle like this and apply these effects:
14. Add some buttons to your MP3 Player. Select ellipse tool and draw some buttons. Apply these effects to your buttons.
15. You can also add Volume Slider same as Navigational Slider.
16. Add some text details.
My Final Result:




More Photoshop: