hi i hope this helps you a bit... (im doing this from memory so everything might not be all the way your is)
1. use the text tool and put down a word or what text you want..
2. right click the text layer and select blending options
3. a box pops up and you can change diffrent things like bevel and emboss and you can click the tabs on the left to change diffrent things.. EXPERIMENT!!! fun stuff..
Like Dan said, you need to select the text first, than there should be some pallete for text options to change it, you may need to click the windows drop down menu, and select the corresponding window to display.