1. Start with a new canvas. Type black on white text.

2. Now go to Layer> Layer Style> Drop Shadow OR just double click on your type layer on the Layers Palette, OR click on the little cursive "f" at the bottom of the Layers Palette.

Once the Layer Style box has popped up use the following values for the drop shadow.

3. Now go to Inner Shadow and input the following values:

4. Next, go to Inner Glow and use the values at right:

6. Gradient>Overlay, click on the little gradient slider first, and when it pops up, click on the bottom edge of the slider to add some white color buckets as shown.

Then put in the values as at right:

gradient slider

8. The final chrome text