
This text rendering can be done in both 6.0 and 7.0. I'm not sure about 5 and 5.5 but 4 won't do it. We're going to reshape some text, apply some silly little effects to it, extrude it and then create a ghosty shadow that implies a transperency which isn't actually there.
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Start by opening a "New" file 400px by 250px, 72 res in RGB mode with white background. Name it Text lesson 1. Press the "D" key to set your foreground to black. Hit your "T" key to bring up the type tool. I used Harrington, 72 points, regular. Click in the work area someplace and type the word "Anything". Now click on the Move Tool, (don't hit the "V" key command, it will only type a "v") and move it to the upper center and to the left. Like this.

Click on Layer, Type, Convert to Shape. Press Ctrl+T (Cmnd+T) to bring up the Free Transform and while holding the Ctrl (Cmnd) key, grab the lower right corner anchor and pull it straight down to get this. Hit Enter (Return).

Click on Layers, Rasterize, Shape. Now, drag the Anything layer to the New Layer icon and copy it twice.

I want you to rename your layers cuz we're going to use this file again in a later project. Double click the layer names and rename them such.

In your toolbox, click the Foreground color to bring up the Color Picker. Select red, #ff0000 (rgb 255,0,0). In the layers palette, click the "red" layer to select it. Now, Ctrl (Cmnd) click the red layer to select the text. Hit Alt+Delete (Opt+Delete) to fill with red. Hit Ctrl+D (Cmnd+D) to deselect and go the Layer Styles icon at the bottom of your Layers Palette (This one) . Select "Bevel and Emboss".
When the Bevel and Emboss dialog box comes up set the Style to Emboss, change the size to 3 and raise the Soften to 1. Click the little menu arrow on the side of the contour display to get the picker and select the Cone Contour. Set the Highlight Mode to 90%. Don't close the dialog yet.

In the Blending Options, click on the words "Drop Shadow". When that dialog opens just set the Opacity to 50% and click OK. We should have something that looks like this.

Now click the extrude layer to select it. Hold Ctrl+Alt (Cmnd+Opt) and tap your right cursor key 4 times. Notice in the layers that this not only moved it but pasted it into a new layer. Hide the layers red, ghost and background by clicking the Eye icons next to them. Hit Ctrl+Shift+E (Cmnd+Shift+E) to merge visible.

Click where the Eyes were and turn the layers back on. Now click the ghost layer to select it. Hit "V" to make sure your Move tool is selected and hold your right cursor key in and move that layer over to where it looks like this. Using just your cursor keys, it does not make new layers, it merely moves that one.

Now go to the Layer Styles icon again and select Bevel and Emboss. This time use Style "Emboss", size 3, but this time, leave the Soften on 0. Chose the Cone contour and set the Highlight Mode to 100%. Over to the left, click Drop Shadow and set the Opacity to 50%. Click OK. Go to the top of your Layers Palette and set the Opacity for the layer at 20%. You should have this.



Here is the Final rendering
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