Advanced Plastic
Create a new 250 x188 @ 72 dpi graphic and type the letter 'O' in 225 point Arial Black with the color set to RGB (26, 104, 175).
Hold down the CTRL key and click in your text layer and then create a new layer. Choose Select>Modify>Contract and use 6 for the amount. Fill this selection with white. Deselect the object and go to Filter>Blur>Gaussian Blur with 6 for the amount. Gaussian Blur again at 3, and then again at 1.5.
Set the blending mode for this lay to Color Dodge, and then double click on the layer to bring up the Blending Options. In the Advanced Options section, deselect the Red channel.
Hold down the CTRL key and once again click on the text layer. Switch from Layers to Channels and press theSave Selection as Channel button. Click on the layer you just created and go to Filter>Blur>Gaussian Blur and blur by 6 pixels. Gaussian Blur again by 3, 1.5, and finally .75 pixels. Go to Select>Inverse and clear the selection by pressing the delete key. Deselect the object.
Return to the Layers window. Hold down the CTRL key and click on the text layer. Create a new layer and make sure that it is the top layer. Fill the selection with black. Check on Lock Transparent Pixels box in the layers window and set the blending mode to Screen.
Select the layer with the blurry white "O" and go to Filter>Render>Lighting Effects. Under "Light Types" choose Directional and set the intensity to 32. Under "Properties" us the following settings-- Gloss: 79, Material: -37, Exposure: 56, and Ambience: -100. Set your Texture Channel to Alpha 1. Once again go to Filters>Blur>Gaussion Blur and blur by 1.5 pixels.
Go to Image>Adjust>Curves and use the settings listed above.
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. Since this is a transluscent object, use blue for the background color.