There is a way, however, to pull a Style effect, such as a drop shadow or such, from the layer it was applied to and give it its' own layer, on which it may be manipulated, edited, or set on fire.
Just for fun, let's make a quick, cool text style:
1) Open Photoshop. I'm using PS 7 for this tutorial.
2) Create a new image. If it isn't already, fill the background layer with white.
3) Create a new Layer.
4) On the new layer, enter some large type with the Type Mask Tool.
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