1) Create the canvas. A large size will give the room for a lot of detail, while the final image can be made smaller when complete.
2) Draw a shape, any shape! Any size, any color! You can use the ones found in Photoshop or download new ones off of the internet.
3) Apply a layer style to the shape. You can use the Web 2.0 layer and gradients pack for this, or make your own.
4) Try using a bevel and emboss here. Use a large size and reduce the opacity of the shadow.
5) Now add your text using the character palette to place the letters to appropriate spacing.
6) Use one of the white layer styles in the pack and apply this to the white text.
7) That's it! Now you have a Web 2.0 label for your web pages.
Okay, almost it. One suggestion is to add a drop shadow to add a lifted effect to your label.
9) Make the final step by flattening and removing the background, and save as a .png. Now this can be a great addition for any web page.