This one is quite simple but you can play around with it for hours.
Start new RGB image black background, white foreground.
Type some text

Now, before unselecting it (while marquee is still visible) Select/Save Selection...
Fine. Now remove the marque by clicking type tool once again (don't type anything). Then use gaussian blur (Filter/Blur/Gaussian Blur) with setting 1.0 or 2.0
Now Filter/Other/Offset.. 2,2. You will play with those values later. Then Select/Load Selection... Ok, now you just adjust levels of the selection Go to Image/Adjust/Levels... and play with it (make it darker this time).

Here's carve. You can adjust hue/saturation too, to get it in color. Now try inverting it and you got nice bevelling.

Now there are many variations of this effect. For example if you start with white background and black foreground You achieve completely different effects. Again, if you offset it with -2 and -2 values you get another effect again. Play with it!
© 1996 Nick Ustinov.