1- Start out by making a new 400x400 image on a white background. Using the type tool create your type (use black for your color for this tutorial). For this tutorial I used a Times New Roman font at 180 pt. size and crisp anti-aliasing.

2- Now go to Layer/Layer style/Drop shadow OR just double click on your type layer on the layers palette. Once the Layer Style box has popped up use the following values for the drop shadow.

3- Now move down to the Inner Shadow box and use these values.

4- Now move down to your Inner Glow box and use the values I have here...

5- Next drop down to the Bevel and Emboss settings and use the following values...

6- Now go to the Gradient Overlay box and use these settings. You will need to get the gradient to look like the one I used. To modify the gradient double click on it and add and change the slider to resemble this.

7- Now go to the Stroke area and use the values I have in here.

8- Now lets group all of our effects together once we get them how we want them. To do this go ahead and create a new layer above the text layer. Then make sure the text layer is selected and go to Layer/Rasterize/Type Then link the type layer and the new transparent layer above it and merge the two of them together. Now we have the look of all of our layer effects but you can see now they have disappeared. Good. Now we can click on our type layer and add a New fresh drop shadow to our text and it won't mess any of our old setting up anymore.