This Photoshop action takes the steps in this Shadowing Wave Tutorial at The Lilypad and reduces it to one click!
Note that your shadow will need to be separated from the paper or element for this action to work. If you want to learn how to put shadows on their own layer in Photoshop Elements, please watch this video tutorial.
Click on the image to download the action ~ it's free!
Note: Not tested in all versions of Photoshop and Photoshop Elements.