Put the 5 duplicated "P" layers in a Group and apply these layer styles.
Add Inner Shadow
Add Gradient Overlay
Add Outer Glow
Your letter "P" should look like this.
Now we will add some halftone brushes to the letter "P". Go to your original layer "P", make a selection from it. Create a new layer and grab your Brush tool. I'm using #000000, place your halftones on your letter as shown in the image below.
Change this layer to Overlay.
Repeat these same steps for the O,W and exclamation point.
Create a New Layer and make a selection from all of the first and last P, O, W and exclamation point layers by pressing and holding the Ctrl and Shift keys. Fill this layer with black.
Add a Bevel and Emboss effect to this layer.
Fill this layer with 0%.
Now we're going to repeat step 29 to add the stroke. Create a New Layer and place it below all of your text layers. Make a selection from all of the first and last P, O, W and exclamation point layers by pressing and holding the Ctrl and Shift keys. Fill this layer with black. Add a black Stroke to this layer.
Convert this layer to a smart object by right-clicking this layer and selecting Convert to Smart Object. Add a Drop Shadow.
Ashlee is a design fanatic and the creator of Vector Chameleon - a design resource site that aims to help designers of all levels with amazing, exclusive, handcrafted resources. Don't forget to follow her @vectorchameleon- Ashlee Harrell