Original image
1 - Crop your base and sharpen
2 - Duplicate your base and desaturate it
3 – Duplicate your original (coloured) base and drag to the top, set to Blend Mode: Normal, Opacity: 50
4 – Layer>New Fill Layer>Solid Colour, fill with a light yellow, I used #f2e7a9, and set the layer to Blend Mode: Soft Light, Opacity: 100
5 - Layer>New Fill Layer>Solid Colour, fill with a dark blue, I used #000040, and set the layer to Blend Mode: Exclusion, Opacity: 100
6 – Duplicate your original (coloured) base and drag to the top, set to Blend Mode: Screen, Opacity: 100
7 – Repeat step 6 another two times (so that you have 3 screen layers)
---> 
8 - Layer>New Fill Layer>Solid Colour, fill with a light blue, I used #97ccff, and set the layer to Blend Mode: Soft Light, Opacity: 60
9 – Duplicate your yellow fill layer (step 4) and drag to the top, set to Blend Mode: Soft Light, Opacity: 60
10 – Duplicate the layer again and set to Blend Mode: Multiply, Opacity: 40
11 – Repeat step 6
12 – Duplicate your coloured base, bring to the top and set to Blend Mode: Soft Light, Opacity: 100
That’s it for the colouring, now for the text.
13 – I wrote “close to you” in Font: Pea Stacey’s doodle script, Size: 16, Colour: white (#ffffff)
14 – duplicate the font layer
15 – click on the bottom font layer, (step 13) then go Layer>Rasterize>type
16 – Filter>Blur>Motion Blur, Angle: 52, Distance 16
17 – Click on your top text layer (step 13) then Layer>Layer Style>Blending Options (or the little box with an f down the bottom of the layer palette) and put in these setting
Drop Shadow
Colour: Black (#000000)
Blend Mode: Multiply
Opacity: 75
Angle: 152
Distance: 2
Spread: 9
Size: 7
Outer Glow
Blend Mode: Screen
Opacity: 22
Noise: 0
Colour: Light yellow (#ffffbe)
Spread: 0
Size: 5
You’re layers palette should be like this.
Remember this is just a guide, don't follow it exactly. Things will need to be toggled depending on your image and what you want your icon to look like.
Comments make my day, as does seeing what you come up with from this tut =P
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