The first step to making your 3d text is to choose what type of text you are going to use. You can use my settings if you want. Click on your text tool, and edit the values below

Go ahead and click on your image and write the text that you want to make 3d

Click on the triangle on the layer pallet and choose "duplicate layer"

Select the text on your original layer make change the color to a dark purple, or a dark version of whatever color you are using

Now, zoom in by oressing ctrl and +

Move your dark colored text slightly to the right and downward so that it looks like mine below, giving it the 3d dropshadow-look.

Now zoom in. We are now going to connect the dark color to the light colored text so that it make the tow texts look solid. So zoom in on each corner and select the edges.

Now fill them with your dark color, making sure that you are still on your dark colored text layer.

The red circle indicates what area I have just edited so that it gives you an idea of what I am talking about.

Do this to every edge

Now, rasterize your type layer by selecting the text tool, choosing a text layer and right clicking on your image. Choose "Rasterize Type" Do this for both type layers. Now merge your layers by clicking on the triangle on your layer pallet and choosing "merge down" until all your layers except your bg layer are merged into 1 layer.

Now, duplicated your layer.

Select edit> transform> flip vertically

Position your text so that it is aligned on the bottom of your original text

Use your distortion tools to transform your text layer so that it makes a shadow. Go to edit> transform and use the tool: perspective, skew, distort etc.

keep editing

Now, move the text behind your original text and lower the opacity

Now just add a little color to the bottom and you are done :)