After Going through this Tutorial you will be able to get such effects with ease :

To start with :

1) Click New in th FILE menu and creat a new Photoshop document with values as shown in the image below (Ctr+N).

2) Select the Text Tool ( Horizontal Type ) from the Tool Box Window and write the text of your choice on the layer
we just created . Try using a casual font. Do not go for very formal or sharp fonts to get good effects.
At this stage your document should look like this:

3) Now select the Blending option of the text layer we just created by right clicking the layer in the layer window.

4) Set following values in the Blending options for the layer.

Drop Shadow : Use Color code #000000 in the Blend Mode option.

Inner Shadow:               

Inner Glow  : Use color Code #000000 in the Blend Mode option

Bevel and Emboss : Use color code #FFFFFF for both Highlight mode and Shadow mode.

Color Overlay : Use color code #FFFFFF and put values as shown in the image below.

You are done with the tutorial. Save the Image in you preffered format