• Create a new document.
• Make TV shape. Use Pen Tool, Convert Point Tool and Direct Selection Tool.
• We need side shapes to create patches of light and reflections.
• Load selection for both sides (Ctrl + Shift +Click) and fill selection with linear gradient in a new layer.

• Load selection for the front side of TV (Ctrl + Click).
• Choose Select > Modify > Feather(4).
• Apply a soft round brush to the right edge of selection to draw a side of TV.

• Create a new shape for TV display using Pen Tool, Convert Point Tool and Direct Selection Tool.
• Load selection for TV gradient shape and make a white reflection using round brush.
• Soften a white spot using translucent Eraser Tool or Brush with Vector Mask.

• Duplicate display shape.
• Increase its area using free transformation.
• Load selection for original layer and cut out this shape from duplicated layer.
• You should get the rounded frame around the screen.

• Apply the following layer style effects to this shape.

• Insert a picture of water with bubbles into the Photoshop document and cut it out in form of TV screen.
• Apply Overlay Blending Mode and Opacity 50%.

• Insert a picture with fine bubbles and apply the same adjustments but leave Opacity 100%.

• Duplicate Screen layer once again, place created layer above bubbles layer.
• Adjust layer Fill 0%

• Apply gray/black linear gradient for stroke (6 px).
• Make Bevel and Emboss layer style effect.

Draw some reflections using soft brushes in the following way.

• Adjust Shape Dynamics for white and round brush.
• Make path using Pen Tool and Convert Point Tool just like in the example below, right click and choose Stroke Path.
• Adjust Shape Dynamics for white and round brush.
• Choose Brush and Simulate Pressure. Adjust Shape Dynamics for brush.

• In order to create glow effect, duplicate reflection layer and apply Gaussian Blur Filter(3) to it.
• Paste broken glass image.
• If you use black-and-white broken glass image, apply Screen Blending Mode.

• Fill the hole area of the glass with any local color in a new layer.
• Load selection for created shape and delete it.
• Apply soft black and translucent brush in a new layer just like in the example below.

• Make buttons using Ellipse Tool and Rectangle Tool.

• Apply the following layer style effects for circle.

• Apply the following layer style effect for rectangle.

Apply perspective transformation for second button. Edit > transformation > Perspective.

• Insert flowing water and splashes. Apply Luminosity Blending Mode.

• Add Vector Mask to flowing water layer. Erase superfluous areas of water using soft black brush, just like in the screen shot below.

• Create rounded rectangle, using Rounded Rectangle Tool, Radius 30 px.
• Apply Perspective Transformation to this shape.

• Load selection for rectangle and fill it with the following pattern (black lines on transparent background) in a new layer.

• Go to Select > Modify > Contract (4 - 6 px).
• Select > Inverse, clear selected area of the lines.

• Load selection for lines (Ctrl + Click).
• Remove selected area from white rectangle.

Apply the following layer style adjustments to white rectangle.

• Apply Pattern Overlay to black lines.

• Draw light spots and reflections. The reflections creation process is described here.

• Draw antenna using Pen Tool and Convert Point Tool.

• Apply preset Mercury layer style effect without Drop Shadow.

• Make TV legs. Use Rectangle Tool and perspective transformation, or use Pen Tool.
• Apply Gun Metal Neutral layer style effect without stroke.

• In order to make shadow, draw rectangle and apply Gaussian Blur Filter, Multiply Blending Mode and Opacity 65%.

• Draw legs shadow; apply Gaussian Blur Filter and Vector Mask with black and white linear gradient.

• Insert water drops surface image.
• Make the image black-and-white, choose Image > Adjustments > Channel Mixer > Monochrome.
• Go to Image > Adjustments > Levels > Move black and white markers to the center a little bit.

• Apply Screen Blending Mode to this layer and duplicate it.

• Draw a puddle using Brush Tool.

• Adjust Fill 0%.
• Apply layer style effects just like in the example below.

And here is result! Click for larger view!