[JackHammer]

Logo making is easy, the only thing you really need is imagination and a rough idea of what you want
There are 2 main ways to start, the first is to make the shape yourself, the second is to use another logo as a base. If you wish to use another logo as a base, paste it into a blank Photoshop thing and fill it in with whatever colour you want the base to be.
To make your own just draw a circle (or any other shape) into Photoshop, I use 400x400 size for added accuracy but any size over 200x200 will do nicely
http://i286.photobucket.com/albums/ll118/JackHammer76/1-1.png
If you start off with a circle you might want another, smaller, circle inside it, like many logos do, to do this simply duplicate the layer, and make it smaller by about 75% to end up with something like this
http://i286.photobucket.com/albums/ll118/JackHammer76/2-1.png
Now you should start adjusting the colours using the colour overlay (right click on the layer, blending options, colour overlay) and add an inside stroke, for 400x400 size I recommend a 5px stroke, but for a smaller canvas 3-4px should do.
http://i286.photobucket.com/albums/ll118/JackHammer76/3-1.png
Now you add your text
http://i286.photobucket.com/albums/ll118/JackHammer76/4-1.png
As you can see it goes off of the edge, not good. However it's simple to fix, press Ctrl + T to transform, then find the little button at the top that warps it.
http://i286.photobucket.com/albums/ll118/JackHammer76/5-2.png
Once you click it the toolbar is slightly different, go down on the drop-down list and select warp, for going down make it 40-50% for short text and 80+% for long text, to make it warp up do the same but add a - to the start of it
http://i286.photobucket.com/albums/ll118/JackHammer76/6-1.png
Now you just fill in some blank space, add a team mascot, little things, do whatever, use your imagination, if you like just stick some clip-art on there or something
http://i286.photobucket.com/albums/ll118/JackHammer76/7-1.png
Now for the finishing touches, try fiddling around a little bit with the effects on layers, try to make it look better and stand out more, maybe just add something simple like a stripe, a bevel, an outer glow, do whatever you feel like doing ;)
http://i286.photobucket.com/albums/ll118/JackHammer76/8-1.png

Any questions, just ask