A very interesting effect that can be achieved in very few steps and works fantastically well with images as well as text and shapes.

1. IT's ALL IN THE CHANNELS
Create a new file. Open channels window. Click the third button from left at the bottom of channel window to create a new channel. By default it's named as "Alpha 1".
 

Select custom shape tool from the tool palette. From preset shapes at the top bar select "Sun 1" shape. Create this shape using white as foreground color in alpha channel.

2. APPLYING FILTERS
From filter menu select blur>>gaussian blur. Adjust settings as shown.
 

From filter menu select distort >> ocean ripple. Adjust settings as shown.

3. UNVEIL THE MAGIC
Open layer window. Double click the background layer to unflatten it. Apply a nice gradient in radial mode as shown below.
 

From filter menu select render>>lighting effects. From lighting effects window select texture channel as "Alpha1".

As soon as you select alpha 1 channel as texture, photoshop will use the design we created as a bump map and create a nice embossed effect using that.

4. HUNGRY FOR MORE...
To enhance the effect further duplicate layer and change layer mode to overlay in layer palette.

Tutorial Source