Create a Spectacular Style Text Effect

Begin your work with creating a new file of 1280x1024 px and 72 dpi.

Then we shall use the Rectangle Tool (U) to draw the background of the picture to be.

Set the next shown parameters for the made new layer by making a mouse click on this layer in the layers' palette. Blending Options>Gradient Overlay

Gradient's parameters:

Using the Custom Shape Tool (U), try to represent the rays coming out of the central picture's part.

Mark out the inside tops, applying the Convert Point Tool (holding on Shift button) and then press Ctrl+T, while using Maintain aspect ratio for getting together the rays in a single point on the central part of the picture.

The layer's parameters: Opacity 70%, Fill 0%

Blending Options>Gradient Overlay

Gradient's parameters:

Create now a new layer (Create new layer) and select a standard brush of black color, Brush Tool (B) (Opacity of 10%) to dark out the picture's edges.

Next we shall write the word STYLE, representing each letter on a separate layer.

Select the parameter Free Transform>Skew for each letter, changing also their shape the same way demonstrated next picture:

Merge down the layers containing the letters of the word STYLE. It's necessary in this case to press Ctrl button, mark out the corresponding layers and then press Ctrl+E. We need after that to represent a kind of train of the word STYLE. This time we shall hold on Ctrl+Alt buttons while pressing several times the cursor button (on the keyboard).

Merge Down the multiplied layers, except the one from the top (the layers containing the STYLE word) in a single layer (press Ctrl button for accentuating the appropriate layers and then press Ctrl+E). Set the next parameters for the last layer we've got. Blending Options>Gradient Overlay

Gradient's parameters:

Blending Options>Stroke

Merge Down the last layer with the demonstrated above parameters. It's necessary in this case to create a new layer above the one we work with (Create new layer) and press Ctrl button to mark out both of the layers and only after that press Ctrl+E.

On this layer we shall use the Burn Tool (O) to put some shadows on the voluminous parts of the letters.

On the same layer we shall use the Dodge Tool (O) to draw several highlights.

Set the next shown parameters on the top layer containing the letters. Blending Options>Gradient Overlay

Gradient's parameters:

Blending Options>Stroke

Choose the Line Tool (U) to create the vertical lines of white color, showing the edges of the voluminous letters.

Select the Pen Tool (P) now for drawing a band of black color, applying after that the Convert Point Tool for making the appropriate corrections on its shape.

The layer's parameters: Blending Options>Gradient Overlay

Gradient's parameters:

Using the last applied tools, it's possible to draw one more band, like the one from next image: