Photoshop offers a drop shadow Layer Style, but a cooler effect is to add a projected shadow to images and text. To do this though, requires a little bit more work than just choosing a few settings. However, this article will show how it can be done.

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STEP ONE:
We will start off with a New Document of 400px by 300px, and a font size of 68pt, using Impact.
Step One

STEP TWO:
We need plenty of room to cast our shadow. We will create a duplicate of the text layer by right-clicking and choosing Duplicate Layer, or dragging the layer onto the New Layer button. Now with this duplicated layer, we will first Rasterize it (right-click and then choose Rasterize Type). Now we go to Edit > Transform > Skew. We should be able to drag the top of the rasterized text across to the right, so it looks like this (the original text layer is hidden):
Step Two

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STEP THREE:
Next, we can open up the Layer Styles for the shadow by either double-clicking the layer or right-clicking and choosing Properties. We want to add a Gradient Overly to make the shadow blend into the background. For this example, we add a simple black to white gradient. We can also modify the angle to match the direction of the shadow:
Step Three

STEP FOUR:
We will also reduce the opacity of the shadow layer to 25% and unhide the original text layer. We should be left with something that looks like this:
Step Four - Final Result

Using this as a guide, you can tweak the settings to provide different results. Experimenting with Photoshop is very much advised, as many results are possible.

Download Projected Shadow Text File