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Open a new document. The document size depends on how big/much text you want to create using this 3D method.
With your new document, create your 3D text. Im using Verdana, Bold , size 100px. (DO NOT use the "Faux Bold" option on this text or the next step will fail).
Now we need our text transformed, we cannot transform much of the text. Now we will convert the text into vector shapes. In order to do that we will go to main menu Layer->Text->Convert to shape.
Now go to Edit->transform->Perspective. and pull the right handlers at the bottom outward so it creates a perspective look.
Now hold Ctrl+Alt and pres Up Arrow about 15 times. This move will, every time you press it, duplicate layer and move it by 1 pixel up. Your workspace now should look like this:
Now select all layers except top one and background layer and link them on the link button:
Now press right click over selected layers and select Merge Layers option.
Now select the top layer and go to main menu Layer -> Layer Stlye -> Inner Shadow and add inner shadow, pattern overlay and gradient overlay effect and apply the settings to the layer by pressing OK.
Now select bottom layer (NOT background layer) and go to Layer -> Layer Stlye -> Drop Shadow and add a drop shadow, bevel and emboss and gradient overlay effect and apply these settings to the layer by pressing OK. Now we have our 3D Text that looks like this: