Step one:

Create a new layer-set called Custom MP3 Player.

Select the round rectangle tool, set the radius to 40 px.

In a new layer, draw a #52554E round rectangle.

Add the following layer styles: Inner Shadow, Inner Glow, Bevel and Emboss, Stroke.

Step two:

Create a black round rectangle in the right side of the case. Remember to make every piece in a new layer.

Add the following layer styles: Drop Shadow, Inner Shadow, Outer Glow, Inner Glow, Satin, Gradient Overlay, Stroke.