Simple Plastic
Create a new 250 x188 @ 72 dpi graphic and type the letter 'O' in 225 point Arial Black.
Choose Layer>Layer Syle>Bevel and Emboss and apply the following settings: Style-Emboss, Technique-Smooth, Depth-101, Direction-Up, Size-5, Soften-0, Angle-90, Altitude-70, Highlight Mode-Lighten, Opacity-100, Shadow Mode-Multiply, Opacity-50.
Right-click on the layer and Rasterize it. Then choose Filter>Blur>Motion Blur with the following settings: Angle-30, Distance-5. Then choose Layers>Layer Style>Drop Shadow and use the default settings there.
Changing the color is very simple. Choose Layers>Layer Styles>Color Overlay and play around with the color picker until you get exactly what you want.