Creating Windows XP style icon for security

Start by creating a circle using elliptical shape tool.

Press Ctrl+T. Right click the layer and select warp. Adjust nodes to get the shape as shown.

Double click the layer to open layer style window. Apply layer style with the settings shown.
Create a rectangle using rectangular shape tool. Press Ctrl+T. Right click the layer and select warp. Adjust nodes to get the shape as shown.
Double click the layer to open layer style window. Apply layer style with the settings shown.

 Similarly create other shapes and apply the same layer style.

 

Create an ellipse using elliptical shape tool.
Double click the layer to open layer style window. Apply layer style with the settings shown.
Create an ellipse for the face using elliptical shape tool. Apply the same layer style we used before.
Create a rectangle using rectangular shape tool. Press Ctrl+T. Right click the layer and select warp. Adjust nodes to get the shape as shown.
Enable add to shape area form the top bar. Create another rectangle using rectangular shape tool. Press Ctrl+T. Right click the layer and select warp. Adjust nodes to get the shape as shown.
Double click the layer to open layer style window. Apply layer style with the settings shown.
Create an ellipse using elliptical shape tool. Enable subtract form shape area form the top bar. Create another ellipse using elliptical shape tool. This will create flap of the cap.
Place as shown in the image below.
Double click the layer to open layer style window. Apply layer style with the settings shown.

Select sign 6 shape from custom shape tool.
Create shape over the cap.
Duplicate the layer and scale down a bit. Apply some drop shadow layer style.
Using pen tool create hair of the man.
Select and merge all the layers. Double click the layer to open layer style window. Apply layer style with the settings shown.