Step One.
Crop your base and then sharpen it. You can do this many different ways - Filter --> Sharpen or Unsharp Mask or Sharpen Edges or Curves or Screen. It's your choice. =] I chose Curves.


Step Two.
The icon was looking slightly washed out and the colors are a bit dull, so I got a Hue/Saturation adjustment layer.
My settings were:
Hue: 0
Saturation: +35
Lightness: 0


Step Three.
It still looks really boring. So I get a Color Balance adjustment layer and attempt to add some colors to the icon.
Midtones: -19, +10, -17
Shadows: +25, -1, +15
Highlights: -15, -2, -9


Step Four.
It's starting to look a bit better but there's a lack of red, so I get a Selective Color layer to get some reds in, and also make the colors warmer and more saturated.
Reds: -100, +100, +100, 0
Yellows: -100, -30, +100, 0
Greens:: +100, +100, -100, 0
Cyans: +100, -41, +100, 0
Blues: +100, +100, -100, 0
Neutrals: -8, +3, +10, 0
Blacks: -28, -1, 0, +16


Step Five.
While it's looking much better, I still want more reds, so there's a warmer hue. Get another Selective Color layer.
Reds: -55, +22, +91, 0
Yellows: -46, 0, +31, 0
Greens: +100, +26, -100, 0
Blues: +100, +19, -100, 0
Whites: -40, -23, -41, -36
Neutrals: -16, 0, +8, 0
Blacks: -28, 0, 0, +27


Step Six.
Almost there - just one more Hue/Saturation layer to make things more dominant.
Hue: 0
Saturation: +12
Lightness: +8


Step Seven.
To get a little more contrast, get a Levels adjustment layer.
Input Levels: 24, 1.12, 247


Step Eight.
Now all we really need is the text, so I created a rectangular white box with the Rectangular Marquee tool and filled it with white.
The text was in Georgia, size 9. Tracking was set to 300.


There you go! :]