Much like regular layers, type layers can have layer styles applied to them to create a huge variety of effects, such as metallic, plastic, or rubbery text. The possibilities are endless, but I'll start you off with an example that will have you well on your way to creating spectacular type effects.
Choose FileNew Document or press Ctrl+N/+N to create a new file in Photoshop. Enter some dimensions for your file — I chose 1024 × 768 under the Web Presets for mine, because that's a standard screen resolution, and I may decide to set it as my computer's wallpaper.
Create a new layer by clicking on the New Layer icon at the bottom of the Layers palette. Press D on your keyboard to set your foreground and background colors to the defaults of black and white. Next, fill the empty layer you just created with black by pressing Alt+Delete/Option+Delete on your keyboard.
Alt+Delete/Option+Delete fills the canvas with whatever color you have selected as your foreground color. Ctrl+Delete/+Delete uses your background color to fill the canvas.
To make the background a little more interesting, click on the layer style button at the bottom of the Layers palette (it's ...