The best book I've ever read on drawing is one called Drawing on the Right Side of the Brain. After reading it, I'm still pretty bad at drawing, but I did learn a lot about light and shade. In this tutorial we are going to take some very basic principles of light and shade to make a rather impressive-looking text effect.
Light Sources
So before we start the tutorial, here is a little diagram about how light might hit an object. Here we have a square object in the middle with light coming from the top left. You can see that where the light hits the object, a shadow is cast on the other side. Note that the shadow is not a Photoshop drop shadow, which makes the object look like it's hovering above the canvas. Here we want the object to look like it's a three dimensional thing stuck on the canvas, extruding if you like. Now tell me what other Photoshop tutorial site gives you diagrams? It's like being back in school!Step 1
We begin the tutorial by drawing a subtle Linear Gradient from dark grey to darker grey. Note that because we want our light to come from the top left, that's where the lighter part of the document is.Step 2
Now we place some text. I've used a very cool font called Agency FB, which has a condensed, hard-edge feel to it. You should make the text a grey-ish blue color - #c2c8d4 to be precise.Step 3
Next Ctrl-click the text layer and create a new layer above it. In the new layer, with that selection still held, draw a linear gradient of #495a79 to transparent from bottom right to left. So in other words you are darkening the bottom right as shown.Step 4
Set your foreground color to Black (you can do this by pressing the letter 'D' on your keyboard which restores the defaults).Now Ctrl-click the text layer again and create a new layer beneath the text layer. Now press the down arrow on your keyboard once and the right arrow on your keyboard once. Then press Alt+Backspace to fill it with black. Then press down and right again one time and fill with black. Each time you will be moving 1px right and 1px down. You should repeat this process about 30 times (which is why it's important to use Alt+Backspace instead of the Fill tool).
Note also that to move the selection but not the fills when you press your arrow keys, you have to have one of the Marquee tools on. If you switch to the Move Tool (V) when you press down and right you will actually move the black fill as well as the selection and will just be filling the same pixels over and over.
Step 5
Here's what you should now have. Now deselect and make sure you are on the shadow layer, then go to Filter > Blur > Motion Blur and use values of -45 degrees and a distance of 30px.Step 6
Set your shadow layer to Multiply and about 40% Opacity and then hold down Shift and press the down arrow and then the right arrow. This will move your object right and down 10px each (Shift tells Photoshop to go 10px at a time instead of 1). Now you may have some of the blurred parts of the shadow sticking out to the top and left of the object. If this is the case, grab a small soft eraser and gently erase away anything which shouldn't be shaded (remember the diagram at the beginning).Step 7
Next duplicate the shadow layer, hold Shift and move it down and right again. Then run the Motion Blur filter again with a distance of 50px this time and set this layer to Multiply and 20% Opacity. This is just to give our shadows more of a trail off.Step 8
Now create a new layer above all the other layers, hold down Ctrl and click the main text layer to select its pixels and back on your new layer fill the selection with White. Don't let go of the selection just yet though. Instead press down and right one time to move 1px away and then hit Delete.Set this thin white line layer to about 80% Opacity.