Step 1:

Ok the first thing you're going to need for this tutorial is a panoramic image. If you don't have one you can download the one I used here.

If you want to make one of you own what you need to do is place your camera on a tripod and take a lot of pictures each time moving the camera just slightly. For the best results hold the camera vertical so you get more of the ground and sky in your image. Then in Photoshop go to File -> Automate -> Photomerge and import your pictures and click OK. Photoshop will then merge all your photos into one large panorama.

Sorry I can't give you the original images I used to make mine, but posting those for download might put a strain on my server.

Step 2:

Create a new document 8 x 4 inches with 300 dpi, fill the background with black so you can see the polaroid image we're about to create. Now using the Shape tool create a white rectangle, then with the shape still selected click on the "Subtract" feature (shown in the image to the left). Now draw another rectangle in the center of the original, leaving a bit more on the bottom than on the top, that should cut a hole out of the original shape. Your image should look like the one below.

Step 3:

Now right-click on the polaroid shape and select Blending Options. Click on Drop Shadow, Inner Glow, and Gradient Overlay. Change the Inner Glow color to white, and Change the Gradient Overlay gradient to light blue and white.

Step 4:

Ok so now click on the Shape tool again and create a black square the same size as the hole in the polaroid. Move the layer below the polaroid layer, this will be our mask for the panorama. Now select both the polaroid layer and the new black square layer then right click and select "Link Layers." Now when you move or adjust one, the other will be effected too.

Also now would be a good time to import that panoramic image if you haven't already. Move that layer to the very bottom, don't worry about scaling it we'll do that later on.

Step 5:

Now select the polaroid layer and hold down the option key and drag it to the right. This will duplicate both the polaroid layer and the black square layer. Move the layers below the original layers to put the new polaroid image behind the old one.

Then rotate the polaroid image and duplicate it 2 more times till you get an image like the one on the right.

Step 6:

Now it's time to scale the panorama down to fit in the borders of the polaroid image.

When you're done create an "Extrude NURBS" object and drag the text into the Extrude NURBS to create the 3D text. Adjust the extrude distance to 100m or more.

Step 7:

Duplicate the panoramic image 4 times and place each one above the black square layer. Then hold down the option key and click in between the panoramic layer and the black square layer to mask off the image.

Repeat this process for each polaroid till your image looks like the one below. You can go ahead now and give your background a nice color or image.

Step 8:

Alright now create a Gradient Fill adjustment layer and select which ever color you would like. Change the Blend Mode to Overlay and opacity to 50%.

Step 9:

And there you go! You're done! Not too bad, huh? Feel free to contact me if you have any further questions! Happy Photoshoping!