Creating a Cool Smiley (Emoticon)

Start by opening a new file. Using elliptical shape tool create a circle shape.

Double click the layer to open layer style window. Enable drop shadow, bevel&emboss, gradient overlay and stroke. Apply settings as shown.

Using pen tool create eye brow of the smiley face.

 

Similarly create on the other side.
Now create eyes of the smiley using elliptical shape tool.
Using pen tool create lips, tounge & nose.
From image menu select image size.
Resize the image with the settings shown.

You can create various expressions and emotions by playing around with lips & eye's shapes etc. Also add some accesories like sunglasses etc for super cool emoticons.