Open up a new image or the image you want to add text to. Choose the T tool and click the image to add text.
Now go to the Layer Palette and right click your text layer, then click Blending Options…:
In the pop up box, you can then click the various options on the left (both the check boxes and the titles themselves) to play around with text effects:
Once you’re happy, just hit OK to transform your text! Here are some effects as examples:
Combining different options also works really well to get a more varied look:
Back in the Layer Palette (Step 2), choose Warp Text from the initial list. You can then choose from a variety of options to angle your text:
Combine with other effects to end up with your finished text. My example below uses Wave, Drop Shadow, Inner glow, Gradient overlay, Satin and Stroke: