Take your favorite flag or icon, whatever. I picked the Irish Flag. Make the flag its own layer. Use the optical selecting tool and make a perfect circle in the middle of the flag. You should get this.

 

 

 

Apply this inner shadow to the flag. Adjust to the your document size.

 

 

 

 

Create a new layer. Select outside the circle using the magic wand and select>inverse. Take the gradient tool. Set it up to white to transparent. Draw from top down. You want to transform is so its like below.

 

 

Now make a new layer. Choose black to white gradient. Make a vertical gradient. Black on top and white on the bottom. Make sure this layer is the under the white to transparent oval layer but above everything else. Set it to overlay.

 

 

 

You're done.

 

Actual : Created:

 

Find your flag!

 

Discuss the Adobe Photoshop tutorials on the forums. You can find the photoshop files to download there too.