Not all that difficult.
First you find yourself a nice font.
You type the letters you need on one or more layers.
After you're done, you rasterize the layer(s);
Layer/rasterize/type
If you have more than one layer, then you have to merge them to make it one layer (shortcuts and menu items can be found under the
layer menu item).
After you're done you apply
filter/stylize/emboss (I used settings 108,8,58) to give the letters a bevel.
Now the trick.
First you duplicate the text layer.
With the
move tool selected you move the text one pixel either up/down and/or left/right using the arrow keys. When you're done doing that, you duplicate this layer and you repeat the same process. After a while you will see the 3D effect.
In the end you will have about 10-15 layers. Make sure that you merge all your text layers, except the one that contains the visible flat area of the 3D text (coloured blue in my example).
You now have 2 layers; one with the 3D effect (red in my example) and one that comes on top (blue).
Now select one layer and link the other one. Then go to
edit/transform/distort... and start pulling the text in the right directions. The rest is all fine tuning, maybe add a
Bevel/Emboss layer style to the top layer or slightly smoothen the 3D effect layer (red).
Add a layerstyle to the 3D effect layer (red) by adding the layer style called
outher glow.
Btw, you came at the right moment. I just finished a 3D text today, so it was all fresh in my memory;
http://www.photoshopgurus.info/forum...?p=26203#26203