In this tutorial I will show you an easy text effect that will get you an image similar to this one

The first step is to make your word with the text tool. So select the text tool from your toolbar and change the setting that appear at the top of the screen to the ones below.

Go ahead and write something, your text should look like this

Now, to make our word into an editable image left click on it with the text tool and select "Rasterize Type"

Now, how control and click on the layer in your layers pallet that has your text on it, it should select it perfectly as shown below

Now its time to fill our selection with something more interesting. Take out your gradient tool by selecting it from your toolbar. If you don't see it them left right click on your paint bucket tool to reveal it.

Make your foregrounds a solid blue, and your background a light blue and using your gradient tool, fill your selection. Make sure that the darker blue is on the top, as shown below.

With your text still selected make a new layer. Go to edit> stroke and use the settings below. This will give you a nice dark outline. Now to add the "shine" text we are going to use our gradient tool once again. So select it from your tool bar. When it is selected you will notice that a new set of options appear at the top of your screen.

Make your foregrounds white and with these new set of options choose the gradient shown below.

You should still have your text selected, if you don't then re-select it by holding control and clicking on your text layer once again. So as not to interfere with our outline we are going to contract our selection. To do this go to select> modify> contract and contract by 2px. Now use your gradient tool to fill the top half of your selection as shown below.

Now all I did was add a drop shadow and a nice shade of blue to make the picture a little more interesting.