hehe, I wish I had thought about it. I have the style saved just didn't have anywhere to upload it to.

I should've waited, then you could have typed all that up :P

Ok, this is quite a bit extensive, but it will help you achieve your plastic text...
On your text layer, go to layer styles
BLENDING OPTIONS
General Blending-Normal
Advanced-Fill 0%, Knockout-None, Select blend interior effects, blend clipped layers,and transparency shapes layer
DROP SHADOW
blend mode-multiply w/ Black selected, 42% opacity, 30 angle, 8 px distance, 0 spread, 3 px size. Select contour Linear with 0 noise
INNER GLOW
blend mode-multiply w/ Black selected, 100% opacity, 30 angle, 1 px distance, 26% choke, 7 px size, Select contour Liner with 0 noise
OUTER GLOW
blend mode-screen w/ white selected, 70% opacity, noise 0
elements-select softer, 0 spread, 9 px size, Select contour Linear with 50% range
INNER GLOW
blend mode-multply w/ light gray selected, 50% opacity
elements-softer w/ edge selected, 0 choke, 4 px size, Select linear contour, 50% range and 0 jitter
BEVEL & EMBOSS
style-inner bevel, tecnique-smooth with 100% depth, direction- select up, 15 px size, 3px soften
shading- set angle and altitude at 30 each
gloss contour-select log and select anti-alisaed
highlight mode- screen W/ pale green (C 18 M 9 Y 35 K 0) 100% opacity
shadow mode-color burn W/ Black selected 50% opacity
Contour-select low valley and selcet anti-aliased, 88% range
SATIN
Blend mode-overlay w/ gray selected, 100% opactiy, 90 angle, 11px distance, 5 px size, Select Ring Contour and also select anti-aliased, and invert.
I hope that you get a chance to try this and my directions, although poorly spelled, give you some insight. Let me know how this works out for you.

I tried using Antevark's tip today. With much better sucess then my first attempt. I am posting my picture for all to critique. Although I am more satisfied with it than my previous results, I think this technique would look tons better if I had had a better picture to start with. Ah, and forgive the picture itself, our assignment was to find a lingerie model and recolor her lingerie. As always, any suggestions are greatly appreciated. Thanks :-)

Thank you, I am going to try that today, I'll let you know how it turns out :-)