If you are a windows User, there is very little option for Image creation other than Adobe Photoshop which is not a free tool. If you want something similar to Adobe Photoshop, but for free then GIMP is the right choice.
GIMP (The GNU Image Program).http://www.gimp.org/downloads/
The image creation follows the layer concept. Where each changes that you add to the image can be done on layer. If you are not satisfied with a particular change, then you can delete the layer.
Create a New Image
Create a New Layar
Now Create a Text Banner.
Increase the Font size to 55 and select the Color as Blue.
Click on the Move Tool to come out of Text Tool.
Right click on the Text, Filter, Light & Shadow, Drop Shadow.
Save as PNG or JPEG.
Give a proper name and click Export.
Open the Image in any image viewer.
This is just a tip of an iceberg. There are lot of cool things that can be done using GIMP. Give it a try!.