Everyone can’t seem to get enough of the web 2.0 effect, even I find myself making too many of these kinds of designs just because they’re so nice. They can be shiny, glossy, and delicious, and although they have become very common nowadays, I can bet that there’s still a few out there in the quest of finding out just exactly how one creates these.
Now you are in luck, I went through the same ordeal as you and I spent days and days to perfect a single method. Following tutorials that were badly written only made it harder for me, but I persevered and eventually formulated my own personal way of making these babies. Now, I will share with you this very easy guide on how to make a Web 2.0 glossy text design with Adobe PhotoShop.
Step 01. Open a new canvas.

You can have any width and height for it, just make sure it is big enough for the text you intend to put on it. It can have a transparent background or any background color you want.
Step 2. Click the text tool icon.
You can find this icon on the left side of your PhotoShop window.
Step 3. Click on your canvas and type in your text. In this tutorial, I used the words “Web 2.0″, and am using a font called Elementary SF Black. It is not required, but advisable, to use thicker fonts rather than slim ones.

Step 4. Now, duplicate your layer by right-clicking on the current layer and clicking “Duplicate Layer…”.

Click OK when a small window with the duplicated layer name pops up.
Step 5. You now need to rasterize your duplicate layer, so right-click on it, and click “Rasterize Type“. After successfully rasterizing the duplicate layer, it should now look differently from before:
Before (not rasterized):

After (rasterized):

Step 6. Now that your duplicate layer is fully rasterized, from your keyboard press CTRL + click on your duplicate layer’s icon. Remember to do it at the same time.
Press CTRL + 
After doing so, we have successfully made a selection around the text on our duplicate layer. On your canvas, it should now look like this:

Step 7. Now, on your keyboard, press D, press X, then press ALT + Backspace. Press each key once at a time, except for ALT + Backspace which you have to press at the same time.
On your canvas, you will now have something like this:

Step 8. Don’t fret, you didn’t ruin the design, it’s supposed to go through an ugly stage for a while so have no worries.
Now, click on the Elliptical Marquee Tool icon (this took me forever to find so I’m going to make it easy for you).
On the left side of your PS window (together with all the other icons), the Elliptical Marquee Tool icon should look like this:
But if you can’t find an icon looking like such at all, look for an icon looking like this instead:
Right click on this icon, and click “Elliptical Marquee Tool“. There you go, you have it now. On to the next step..
Step 9. Using the Elliptical Marquee Tool, trace it over half of your text image on the canvas. Kind of like this:

Step 9. From your keyboard, press DEL. After doing so, you’ll find your work looking this way for now:

You can now go ahead and deselect the area, by pressing CTRL + D.
Step 10. Right-click on your duplicate layer, and click “Blending Options…”, and make your Blending Options Opacity around 40%, more or less.

I’ve ended up with this look, so far:

Step 11. We are basically done unless you want to add strokes (a border) around our text, and this is why this step is here. Right-click on our original layer (not the duplicate one), and click “Blending Options…“. Check the box under Stroke, and click the word “Stroke” as well so we can modify it to our liking.

Now, make your stroke size 2 or 3 px (your choice really), and your stroke color white (you can use gradients for this as well, but I’ll leave for you to discover that eventually).

Now let’s step back and take a look at what we have created. This is how Mine ended up looking:


How did yours turn out?