1. Open a document in Photoshop
2. Apply layer styles to a layer by right clicking the layer in the Layers window and selecting "Blending Options"
3. Apply any effects to the layer such as Stroke, Drop Shadow, etc
4. Click the "New Style" button to save the style
5. On the dialog, name your style and select both checkboxes, then click "OK"
6. Create a new layer in Photoshop
7. To apply your new style to the layer, open the Styles window by going to Window > Styles
8. Make sure the layer is selected in the Layers window, then select a style to apply. Styles are represented in the Styles window by small thumbnails