Once you have Ellipse tool selected choose a neutral grey colour from your colour palette, like 50% grey, and simply draw your droplet. You can make the shape of your drop more elliptical using the Direct Selection Tool and the Pen tool or just leave it round to keep things simple.

We need next to start applying some layer styles. For this we will change the blend mode to Overlay.

Bring up your Layers Styles dialogue box by double clicking on the blank area of your layer.

We will start from the top and add some layer styles:
1. Drop Shadow, set the opacity to 15% and the angle to 90 degrees and choose the second from top left contour option.
2. Inner Shadow, and again opacity 15% angle 90 degrees.
3. Inner Glow, blend mode multiply and colour to black the opacity to 20%.
4. Bevel and emboss, style inner bevel, depth 100%, angle 90 degrees and altitude to 70. The highlight mode normal with white colour increase the opacity to 100% and shadow mode to overlay with white colour and 90% and click OK.

The result of these adjustments should look like this:

The last thing we need to take care of is to distort the background image behind the droplet. To do this go select your background layer and hold down ctrl and then Filter->Distort->Ripple and adjust the settings to your liking and hit OK. Once you have your first water drop you can easily adjust the size and feel of your drops.

You might be familiar of 3D graphics applications like 3D Studio Max, Maya, Xara 3D etc. These are used to create 3D Text, but they all have some drawbacks. These are complex 3D Softwares, so a normal user finds them difficult to use and navigate with ease. They also need to be procured and installed on your system separately. So why do you need them when you require are less? You can create nice looking 3D effects with Adobe Photoshop.

Although Photoshop is a 2D image editing tool, you can create text that looks like 3D with minimal expertise. In fact, this is exactly what we’re going to focus on and show you in this tutorial.

We will learn to write ‘Chocolate’ in real moulded chocolate. To kick things off, create a new file in Photoshop. We used 530 x 192 pixels for dimensions but this can of course be anything of your choice.

With the text tool, type the text you would like to work on. Select a font with a bold look, it looks better in 3D.

Using a transform mode (Ctrl + T) make the text slanting using the nodes. Use ctrl+drag on the nodes to adjust in perspective mode.

This layer will work as the front of your 3D Text, so now we must create an extruded look. To duplicate the layer, press Shift+Down Arrow to bring the new layer 10 pixels down.

Select the lower layer and press Ctrl+Alt+Up Arrow 9 times. It will create 9 new layers moving each layer up by 1 px. This gives our object a 3D depth look.

To differentiate the first layer and give it a more refined look, we will apply some effects to it. Open the layer effects on the first layer, check ‘Bevel and Emboss’. Use the following settings

Under Bevel and Emboss, also check Contour and use following value

Also give Drop Shadow effect with these values

Your image will now hopefully look something like this

Lets add a reflection effect. Select all the layers below the front text and merge them (Press Ctrl+E). Duplicate the merged layer and give the new layer 20% opacity. Bring down the transparent layer by pressing Shift + Down Arrow for 10 pixels. This will work as a reflection. There are many ways to add a reflection to your text; you can check other tutorials for more advanced reflections.

Almost Done, if you want, you can also add a gradient fill to the background for better presentation!

Might also be worth checking out the 80 best Photoshop Text Effects on the web.