Not with Photoshop - that creates 2d bit map images, not 3d mesh. There are plenty of tools that will let you create new models, such as Blender (which is free), but I didn't mean you couldn't use the Wizard Shoppe, just that you had to load the items, set up your camera angle (pretty similar to adjusting the viewpoint in a game), add lights and hit render - you can't just take a supplied image file and work directly on that.