You can do it in photoshop. (Eye Candy sells quick and easy plug-ins for doing metallic effects, but you can get by with the Layer Modes built-in to Photoshop).
With the text on its own layer, no background, double click the layer in the LAYERS palette, (If you don't see it, go to the WINDOW menu up top and find it there)
In the Layer Style menu, click BEVEL AND EMBOSS and you will see controls for Style, Depth, Size, etc.
Choose "Inner Bevel" as your Style.
Move the Depth and Size way over to the right till you see the shadows form. There's also a wheel for moving the light source... in this case, I'd move it to the lower right.
With the Gloss Contour, you can get crazy... try different contours and see what happens. In this case, the inverted "V" shaped one might work best.
You can pick different colors and blending modes for the highlight and shadow.
Play with these settings till you get something that looks cool.
