This tutorial shows how to make simple shadow under the text using only text effects (new in photoshop 6).
Please, note, that this "effect" works best on a small to medium sized text.
Naturally, start by typing some text.
Duplicate his text layer. Press Ctrl+T to start resizing the copy. Make a mirror reflection as shown in the picture and try to keep it same height as the original.
Having our "shadow" layer active in Layer palette, select the Type tool. In the tool option window click on the "Create Warped Text" button. In the Warp Text window, set style to Upper Shell and Vertical Distortion to -35.
Resize the shadow so it would match the text.
To create a fading out effect, you can use either Gradient Overlay layer effect as shown in the picture, or layer mask, depending on your need.
Change opacity of the shadow layer to 30% and you're done!
The biggest advantage of this method is that both layers are still editable and are treated by photoshop as regular text layers.