Find the Layer Styles Palette....It should be in the Effects Palette over on the right side of the workspace. (If you don't see the Effects Palette: Window>Effects) Click the little arrow on the left side of the Effects Palette to open it then hover your cursor over the icons along the top left.....the second icon should Layer Styles - click on it. Click on the dropdown arrow on the right side of the rectangle with Bevels in it (usually it says "Bevels" but it might say something else) and you'll see a listing of effects you can apply not only to text but to selections and other objects you put into a collage or photo art creation. When you have time, you should play with some of these just to see what they do. Unfortunately, you can also download and install the tons of Photoshop styles available around the web;-) It's one of my addictions.
Click on Drop Shadows in the list. To apply a style:
1.Highlight the text layer in the Layers Palette and double click on the style.
2. Click on the style, hold and drag it over to the text.
3. Use the Move Tool to highlight the text on the photo and double click on the style.
4. Use the Move Tool to highlight the text on the photo, click on the style you want to apply to it and then click on Apply at the bottom of the Effects Palette.
Try a couple of the shadows. You don't have to Undo between each one you try.
Notice that the text layer in the Layers Palette gets a little fx on it when you apply a style. This just isn't another icon....It's a link to the Effects Controls Dialog. Click the fx. You can control the angle (click and hold on the little dial and turn it to change the orientation of the shadow), the opacity and size of the shadow and the color of the shadow (click on the little color swatch and the Color Picker appears).
There are so many things you can do with the Effects Palette. Click on the third icon to show the actions that Elements can do.