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Old 10-19-2006   #2 (permalink)
Tamlin
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Join Date: May 2006
Location: Sitting in the Wishing Chair
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This is lifted directly from the Photoshop Help file:
1. In the Layers palette, select the layer containing the style that you want to save as a preset.
2. Do one of the following:
  • Drag the selected layer into the Styles palette or onto the New Item button in the Styles palette.
  • Click an empty area of the Styles palette.
  • Press Alt (Windows) or Option (Mac OS), and click the New Item button at the bottom of the Styles palette.
  • Choose New Style from the Styles palette menu.
  • Choose Layer > Layer Style > Blending Options, and click New Style in the Layer Style dialog box.
3. Enter a name for the preset style, set style options, and click OK.

To create a preset style from a single effect, drag the effect from the Layers palette to the Styles palette.
I think that pretty much covers it.
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