[1] Take a new file of 500 pixels, 400 pixels, of resolution 72 dpi in the RGB mode.

[2] Using the “Elliptical Marquee Tool” draw a shape as shown below fill that layer with #c2c2c2.

[3] Take the “Dodge Tool” & then move the selection with the help of Up Arrow Key
then press Cntl+Shift+I, now highlight the following parts as shown below do not ‘D’ select.

[4] Now press Cntl+Shift+I, take the “Dodge Tool” & then highlight the following parts.

[5] Now Open New Layer & then create the following shape with the help of ‘Pen Tool’ right click select ‘Make Selection’
In Make Selection ‘feather radius’ should 0 pixels,Tick on New Selection & then ok & fill the selection with #d0d0d0. Do not ‘D’ select.

[6] Now move the selection with the help of Up Arrow Key, then press Cntl+Shift+I.
Now take the “Dodge Tool” & then highlight the following parts do not ‘D’ select.

[7] Take the “Burn Tool” & then create the following Shading
with the help of Burn Tool with Inverse Selection also Cntl+Shift+I.

[8] Create a new shape with the help of ‘Elliptical Marquee Tool’ fill that layer with #c8c8c8.

[9] With the “Dodge Tool” & then Highlight the following parts as shown below.

[10] Create another shape with the help of ‘Elliptical Marquee Tool’ fill that layer with Black color.

[11] Now Open New Layer & then create the following shape with the help of ‘Pen Tool’ right click select ‘Make Selection’
In Make Selection ‘feather radius’ should 0 pixels,Tick on New Selection & then ok & fill the selection with #434343.

[12] With the “Burn Tool” create the following Shading as shown below.

[13] With the “Dodge Tool” & then Highlight the following parts as shown below.

[14] Create a new layer [this layer should above background layer] create the following
selection with Elliptical Marquee Tool then go to Select>Modify>Selection by 8px.
Fill that layer with #b8b8b8.

[15] You’ve already finished this tut with sample details:
This is my final result with some other details.

http://tutorialqueen.com/photoshop-tutorials/photoshop-ghost-riding-effect