How do you create that glassy/sunken look in Photoshop?

I've seen it in a few places, including Tiggz's new CPU Meter https://www.wincustomize.com/skins.asp?library=34&SkinID=229 Can someone point me to a tutorial? I'd love to do that to my message board avatar.
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Outer bevel, down 90 degrees, dark inner glow. Adjust the settings to your liking.

The highlight can be achieved by making a new layer, make a shape selection for the highlight and make a gradient fill that goes from 75% white to 0% white.