We will learn how to design a web 2.0 style icon in Photoshop.

• This is the end result.
  
• We will work on a white (#ffffff) background color. Create a new layer with 600 x 300 pixel document size.
  
• Press U to select the Shape Tool.
  And make sure that the Ellipse Tool is selected.
• Drag a shape layer about 175 x 175 pixels and name it "icon_bg".
  Apply these settings to the layer.
  
• After these settings, the icon should look like below.
  
• Next, create a new layer and select an area like the image below.
  
• Fill this area with color #ffffff and apply gaussian blur from filters with the settings below.
  
• And set the opacity of this layer to 50%. You will get this result.
  
• Then create a new layer and select an area at top-left side of the icon_bg shape layer.
  And fill it with color #ffffff.
  The icon should look like below at this level.
  
• This step of the tutorial is like the previous. Create a new layer and select an area like the image below.
  And fill it with color #ffffff. Set the opacity of the layer to 25%.
  The icon should look like below at this level.
  
• And add your icon and text.
  I simply added a question mark with "Book Antique" font and a text with "Century Gothic" font.
  
• Finally, we will create a simple reflection.
  In order to achieve this, you should select all icon layers except for background and duplicate this layers.
  While all layers still selected, hit Ctrl + E key combination (Merge down).
  Flip this layer vertical (Ctrl + T key combination and right click -> flip vertical).
  And set the position at the bottom of icon.
  Apply a simple mask to this merged layer from quick mask mode with a gradient.
  
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• Download .psd file here.