First start a new document, The size of the document depends on you on how big your text are going to be.
Down CTRL+ALT press the Arrow Key(this duplicates the layer or CTRL+J) move the duplicate on what you want your 3d looks like, I'm move the duplicate in 1 pixel down and 1 pixel right. Do this until you are satisfied with the height of the text and after that, you will get something like this:
Now apply the layer styles in the second layer (Layer->Layer Styles-> ... ) or just right click the layer and then go to blending options.
Bevel and Emboss: depth 650%, direction up, size 5%, soften 16%, angle 120
Drop Shadow: opacity 100%, distance 19, spread 0, size 24
Next week i will be teaching you the advanced effect for the 3d text.