Web 2.0 Text Effect
In this example you will learn how to convert a text into web 2.0 effect, I
am sure you can also make this effect on any text so follow this example.
Step 1: Take and any background picture as you like.

Step 2: Select Text tool (T key) and type on the document with white color as
here.

Step 3: Give Inner Glow effect, go to layer menu > layer style > Inner
glow and make settings.

Step 4: Now give bevel and emboss effect, go to layer menu > layer style
> bevel and emboss and set value as given here.

Step 5: Take a new layer and draw a circle shape by the Ellipse tool with
white color as given here.

Step 6: Now change the blending mode of the layer as here.

Final Result
