Go to: Layers > Layer Styles and
select one of the layer styles such as Drop Shadow.
Using layer effects and styles
Layer styles let you quickly apply effects to a layer's content. You can scan through a variety of predefined layer styles and apply a style with just a click of the mouse, or you can create a custom style by applying multiple effects to a layer.
About layer effects and styles
Photoshop and ImageReady provide a variety of effects such as shadows, glows, bevels, overlays, and strokes - that let you quickly change the appearance of a layer's contents. Layer effects are linked to the layer contents. When you move or edit the contents of the layer, the effects are modified correspondingly. For example, if you apply a drop shadow effect to a text layer, the shadow will change automatically when you edit the text.
The effects that you apply to a layer become
part of the layer's custom style. When a layer has a style, an "f"
icon 
appears to the right of the layer's name in the Layers palette. You can
expand the style in the Layers palette to view all the effects that comprise
the style and edit the effects to change the style.
When you save a custom style, it becomes a preset style. Preset styles appear in the Styles palette and can be applied with just a click of the mouse. Photoshop and ImageReady provide a variety of preset styles to fill a wide range of uses.
Illustration of a layer without a style
Illustration of a layer with a style
Note: You cannot apply layer effects and styles to a background, a locked layer, or to a layer set.
Applying a Layer Effect
Layer effects do not tend to work well on layers that are completely saturated with colour. Some areas of the Layer need to be transparent.
Image with transparent background.
When your layer has some content - text or colour created with a brush or similar.
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Experiment with the controls.
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Click OK when you have finished
.
Image with drop shadow applied.
To return to the effects dialogue box, double click on the button
in the Layers Pallet.
Applying a layer effect to your Image Ready File
Open your previously saved work file: 003.psd
Notice that in the Layers palette, when you click in the document with the type tool you create a separate type layer.
A major advantage of layers is that when you apply an effect to a layer, the effect is applied to all of the elements of the selected layer-even if the elements are not all selected in the main window. For example, you can apply a drop shadow to all of the text on a layer, simply by selecting the layer on which the text is placed and applying the effect to the layer.
Remember that most image layer effects created in ImageReady are visible in the Layers palette in Photoshop. You can therefore create layer effects in both ImageReady and Photoshop, and have the effects available in either application.
Now you'll add a drop shadow effect to the text layer that you just created.
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In the Layers palette, select the layer for the type you entered previously.
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At the bottom of the Layers palette, click the Effects button
to display the Effects popup menu -
Choose Drop Shadow from the Effects pop-up menu. The drop shadow is added to the image and the Drop Shadow options appear in the Layer Options/Effects palette.
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In the Layer Options/Effects palette, change the opacity to 40%, the distance to 7, the spread to 7, and the angle to 130°.
Effects applied to a layer are applied to all elements in the layer, even if only a few elements are selected.
In the Layers palette, notice the Type layer now indicates the Drop Shadow effect for that layer. You can change a layer effect after it has been set. Click the Drop Shadow effect icon in the Layers palette, and then make changes to the Drop Shadow options in the Layer Options/Effects palette.
When you apply one or more effects to a layer, a list of all effects applied to that layer is displayed below the layer name. To display or hide the effects, click the triangle next to the effects symbol for that layer.
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Choose File> Save to save your changes.