Creating Windows XP style icon for keys

Start by creating a circle using elliptical shape tool.

Enable add to shape area from the top bar.
Create lower shape of the key using pen tool.

Double click the layer to open layer style window. Apply layer style with the settings shown.

Press Alt key and keep hitting down and left arrow key together to create a perspective depth.

Select and merge all the duplicate layers. Double click the layer to open layer style window. Apply layer style with the settings shown.
Create a circle using elliptical shape tool.
Double click the layer to open layer style window. Apply layer style with the settings shown.
Select the lower path of the key using direct selection tool. Press Ctrl+Enter to convert the path into selection.
Select rectangular marquee tool. Press Alt key and create a rectangular marquee half the width of lower portion to deselect the unwanted area.
Create a new layer and fill it with a shade of dark brown color.
Ctrl+Click the layer thumbnail to get the selection. From select menu apply modify>>contract. Contract the selection by 1 pixels. create a new layer and apply a black to white gradient in linear mode.

 

Change the layer mode to soft light.
Select all the key layers and press Ctrl+G to keep all the layers in a group. Duplicate the group and change the layer mode of group to multiply.
Create a circle using elliptical shape tool to create a hole in the key head.
Double click the layer to open layer style window. Apply layer style with the settings shown.
Select both groups and black circle layer. Merge them. Press Ctrl+T. Right click the layer and select distort. Adjust nodes to get the shape as shown.
Duplicate the layer. Distort and place as shown.
Create thin circle frame using custom shape tool. Apply the same layer style as we applied on the basic key shape.
Press Alt key and keep hitting down and left arrow key together to create a perspective depth.
Merge all ring layers together. Press Ctrl+T. Right click the layer and select distort. Adjust nodes to get the shape as shown.

 

Remove the overlapping area using eraser tool.
Select and merge all the layers. Scale down. Double click the layer to open layer style window. Apply layer style with the settings shown.