Create and Save Layer Styles in Photoshop CS5
You can apply Photoshop Creative Suite 5 layer styles to layers to create drop shadows and bevel and emboss effects and to apply color overlays, gradients, patterns and strokes, and more.
If you create a combination of attributes you like, click the New Style button in the upper right area of the Layer Style dialog box. After you name the style and click OK, it’s stored in the Styles panel. Retrieve the style by choosing Window→Styles.
If it helps, click the panel menu button and choose either Small or Large List to change the Styles panel to show only the name of the styles.
After you apply a layer style to a layer, the style is listed in the Layers panel. You can turn off the visibility of the style by turning off the Eye icon or even throw away the layer style by dragging it to the Layers panel’s Trash Can.
In the Layers panel, you have two transparency options — one for opacity and one for fill. Opacity affects the opacity of the entire layer, including effects. Fill, on the other hand, affects only the layer itself, but not layer styles.
When the Bevel and Emboss style is applied to text and the fill is reduced to 0 percent, it looks like the text was embossed on the image. You can do lots of neat stuff with the Layer Fill feature!