Step 1:
Create text on new layer 1. and rasterize - PC right click on name in layers pallette/Mac-Cmd Click >rasterize

Step 2:
Make new layer 2. and using rectangular marquee tool make a box around the text.
Deselect - Cmd/Ctrl +D

Step 3:
Fill the new box with white.
While layer 2 still active, Ctrl/Cmd click on layer 1 thumbnail.

Step 4:
press del, should look like this

Step 5:
hide layer 1 and Ctrl/Cmd click on layer 2.This is the image we are going to make 3d.
You could start at this point with any image as long as it is on a layer and filled with white.
Step 6:
Click on the new channel button in the Channels Pallete. Alpha 1 will apper. fill your selection with white, it should resemble the image shown.

Step 7:
Deselct and go to Filters>Blur>Gaussian blur. The higher you make the blur the more your image will be bevelled.
Click on the rgb channel at the to of the pallette.
Step 8:
Go back to the layers pallete and select your image layer
Step 9:
Here is where the magic happens. Filter>Render>Lighting effects.
Use the settings here or play around with your own.
Click on texture channel and load Alpha 1. I deselected the white it high for this example.
Click on the color picker to give your light some color. We used purple.
Step 10:
Click ok and say "wow." The finished result. I put a drop shadow and a blue gradient in the background for coolness sake.
Create text on new layer 1. and rasterize - PC right click on name in layers pallette/Mac-Cmd Click >rasterize

click to enlarge
Step 2:
Make new layer 2. and using rectangular marquee tool make a box around the text.
Deselect - Cmd/Ctrl +D

click to enlarge
Step 3:
Fill the new box with white.
While layer 2 still active, Ctrl/Cmd click on layer 1 thumbnail.

click to enlarge
Step 4:
press del, should look like this

click to enlarge
Step 5:
hide layer 1 and Ctrl/Cmd click on layer 2.This is the image we are going to make 3d.
You could start at this point with any image as long as it is on a layer and filled with white.
click to enlarge
Step 6:
Click on the new channel button in the Channels Pallete. Alpha 1 will apper. fill your selection with white, it should resemble the image shown.

click to enlarge
Step 7:
Deselct and go to Filters>Blur>Gaussian blur. The higher you make the blur the more your image will be bevelled.
Click on the rgb channel at the to of the pallette.
click to enlarge
Step 8:
Go back to the layers pallete and select your image layer
click to enlarge
Step 9:
Here is where the magic happens. Filter>Render>Lighting effects.
Use the settings here or play around with your own.
Click on texture channel and load Alpha 1. I deselected the white it high for this example.
Click on the color picker to give your light some color. We used purple.
click to enlarge
Step 10:
Click ok and say "wow." The finished result. I put a drop shadow and a blue gradient in the background for coolness sake.
click to enlarge

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