Hunty's request
This is similar to a tut by Scott Kelby in the "Down and Dirty Tricks for PS7 book but its working toward a different effect.
We want the extruded look as opposed to a drop shadow or a bevel/emboss. There is also a pink highlight.
Note: Step 17 can be done at any time. It will be the background layer but a lot of the time you'll want it hidden so I just did it last.
1. Open a new document with transparent background and type your text in.
2. select the text
3. Expand the text selection. (Select, Modify, Expand). You'll need to experiment on how much.
4. Create a new layer and place it at the bottom of the layer palette.
5. fill with white
Here's the cool trick
6. Press Ctrl+Alt+Left
once. This will copy the layer and nudge it one tick to the left.
7. Click the foreground color to bring up the picker and chose a pale gray (#DADADA is nice).
8. Press Shift+Alt+backspace to fill with gray.
9. Move this new layer to the bottom of the layers palette.
10. Press Ctrl+Alt+Left one more time then release and press down once.
11. Repeat step 10 until you have a nice edge coming off of the white border at 45 degrees to the left and down (5 to 10 times).
12. Hide your text and white layers.
13. Merge visible (Ctrl+Shift+E).
The reason we used gray is so that the layer can remain at full opacity. By using black and lowering the opacity, the blue outer glow in the last step won't work.
14. Select the white layer and create a new layer style "Drop Shadow"
Mode, Multiply
color, pink
light angle, 45
distance, 1
Size, 3
15. with the white layer still selected, merge down (Ctrl+E).
16. Create a new layer style 'outer glow'
set blend mode to multiply
color to blue
size to 10 (or proffered)
range 35%
17. Create a new layer, fill with white and move it to the bottom of the layers palette
It should now be ready to save for what ever use you need.