Brushed Metal
Create a new 250 x188 @ 72 dpi graphic and type the letter 'O' in 225 point Arial Black.
Select the gradient tool and make sure that you are creating a linear gradient in the Gradients Palette. For this example, I chose the copper preset. Take your mouse to the top left and click and drag to the bottom right.
Let's add some noise to this by choosing Filter>Noise>Add Noise with the following settings: Amount: 12.5; Gaussian; Monochromatic.
Now go to Filter>Blur>Motion Blur. Set the angle to 0 and the distance to 25.
While holding the "Ctrl" button down, click on your original text layer. This will select the outline of you text. Then Select>Inverse and press "Delete".
Add some depth to the letter: Layer>Layer Styles>Drop Shadow and use these settings: Mode: Multiply; Opacity: 100%; Angle: 120; Distance: 3; Spread: 0; Size: 5