When you get your element pulled over into your layout, to add a drop shadow:
1. Click on "layer styles", Drop Shadows, and in this example, I clicked on low.
2. To make it not stick out so far from the page, click on the little "L" circle in the layer which incicated that there is a layer style on that layer. A little box will pop up:
3. In the box, slide the "shadow distance to the depth you would like and click "OK".
You now have a realistic shadow. =)