This will show you how to create the little holes in the cheese.

1. Fill up the document background with a yellow. I picked #ffea00.

2. Create a new layer. Take the elliptical marquee and make a large perfect circle(Note: this will be bigger than the final cheese holes). Fill it us with the yellow #fff600. Apply these effects to the circle:

 

3. Create a new layer. Take the gradient tool. Pick foreground to transparent gradient. Set the foreground color to white. Set it to radial gradient. Make a small gradient in the lower right of the circle.

4. Create duplicates of both layers and merge the duplicate. You want duplicates if you want to change the effect. Make multiples and transform and skew all of them.

 

Click to see the full size.

You're done!

Watch this tutorial

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