Step 1: Create a new project

Step 2: Create text

This is what you will see after you have created a text

Step 3:
Extrude NURBS (3D effect)

Step 4:
Move text into Extrude NURBS by clicking and dragging the text inside it, like so;

This is what you will see when done correctly;

Step 5:
Select the text layer and start editing the text and font which you want your 3D piece to use

Press the drop down bar to view the available fonts you have installed on your machine

For this tutorial I have chosen; NEUTRA DISPLAY TITLING

Your project should look like this;

Step 6:
Select the Extrude NURBS object

When selected your project window should look like this;

Step 7:
We're about to start adding some caps to the front and rear of our text object, like so;

We've selected Fillet Caps at the default size of 5cm, like so;

Your project should now look like this;

Step 8:
Now to add some more depth to the text object. We do that by increasing the Z scale of the object, found here;

Change that value to 100.
Your project should now look like this;

Step 9:
Adding colour.
Create a New Material, like so;

Double click your New Material to bring up the Material Editor

Now select Color and make it red (for simplicity reasons). You do that by clicking here:

To apply the New Material to your object, click and drag the material you have just created and drag it onto the Extrude NURBS layer.
When done correctly, your project should look like this;

Step 10:
Now you have made the colour of the material Red we can start adding some lights to illuminate your object and create depth.
To create a light click Create > Light > Light. Like so;

Making your project look like this;

Now of course the light makes your object look ugly in its default position, so we should move it. Use the Red, Green, Blue arrows that you see to reposition your light, like so;

Your object should now look like this;

Step 11:
Add shadows for more depth. Select the light object and look below at the shadow options and select "Shadow Maps (Soft)" - Like so;

Step 12:
Render your work for a quick preview of what it looks like. You do that by pressing this button;

Step 13:
We want to add some Ambient Occlusion and Global Illumination for yet more depth. You do that by editing your render settings, here;

Then select "Effect..."

Then select Ambient Occlusion and Global Illumination, like so;

Step 14:
Reposition your view of your object by clicking and holding this button;

Having done so, like I did, your view of your object could be something like this (if you liked...);

Step 15:
Saving your masterpiece. You do that by re-entering the Render Settings (Step 13) and changing your Output and Save options. They can be found here;

For this tutorial I have selected 800 x 600 and a File Format of .PNG;

You want to save the .PNG and Alpha Channel (so your image does not have a background and only your object is visible). Like so;

Now select a directory you want to save your image in. I would recommend always selecting a directory before saving, which will save you time looking through Program Files and what not to find your image that you've lost. Without selecting a directory it saves the image in a default location (which I can never remember where that is)...
I save mine to my Projects folder for easy access;

You render your final piece by pressing this button;

Step 16:
Showing off your final piece. Now you've saved your object as a .PNG and Alpha Channel you will not see the background. Voila;

If you want to add more lights, for soft highlights and shadows then I would recommend you try. Mess around with settings and find what you like. Find your style, and have fun creating art!