Tutorial made using Photoshop CS4 (should work in earlier versions)
Create a new photoshop document 500×500 pixels
Next we’ll be duplicating our text layer to create the depth look.
Select your “move” tool (top of the toolbar, arrow and crosshair) and hover over your text. While hovering hold down your alt key and hit your right arrow key about 16-20 times. This will create an additional 16-20 layers that will become our depth. The more layers, the more depth.
Now we have to move the original layer to the front. Click the original layer and drag it to the top of your layers palette.
and then merge your copied layers (all but original text layer) by clicking on the first copy, holding down the shift key and clicking on the last copy. With these layers selected go to your layers menu and select “merge layers”
Now we’re going to add a gradient to the merged layers. Double click on your merged layers layer and this should bring up your layer styles menu. You can also select your merged layers layer and then click on your layer menu at the top of your screen, and select layer styles. Either way works.
Now click on Gradient Overlay and your screen should look like this:
Next, double click on the gradient preview bar and change the gradient colors to something that compliments the color you chose. Since my base color is teal I selected a slightly darker than teal color and a little lighter color for the gradient.
Once you’ve got your colors set click “OK”
Now that you’ve got your basic 3d look down you can go play with layer styles, bevel, pattern overlay etc…