A tutorial on how to make this icon using PSP7:
Start with Base image:
Duplicate the Base image two times.
Change the Brightness/Contrast of the first duplicate to -5/+50. Change the
Color Balance to color levels -100 / 0 / 0. Set to Screen mode.
Desaturate the second duplicate and set to Soft Light mode.
Between the first and second duplicate layers, place the following
image set to Screen mode:
Below the second duplicate layer, place the following
image set to Hard Light mode at 85% opacity:
Above the top layer, place the following gradient (from
crumblingwalls) set to Color mode at 50% opacity:
Above the top layer, place the following image (from
icons_with_love)
set to Darken mode at 30% opacity:
Place your text about two thirds down, to the right. I used the font Renaissance
on 20pt Bold, with a gradient going from #8B2B23 to #FFFFFF for color. I applied
a black drop shadow using offset +1/+1, 70% opacity, and 1.5 blur.
I created another layer below the text layer, and using a small round brush
(size 20, opacity 30%), applied a little bit of white over the V and the A on
the text to clarify some of the text.
The end result should look something like this:
You'll probably want to tweak some of the steps, depending on your base image.