The desired image is pasted in place of, or right above, the gray "place holder" background layer.

The next layer is the magazine title. In this case, I might have been able to locate another font that is closer to the sample. I tightened the spacing using the Character panel. The letter spacing between the I and L's could be tightened up more to match the sample. The layer mask is used to give the appearance that the subject is in front of the lettering. I used the free transform tool to shape the title.

The third layer is the colored bar across the top. It can be turned off or on and the color can be changed using the linked adjustment layer.

The Bar Code layer and price would likely remain unchanged. The other text layers would be edited to relate with the inserted photograph. Canadians, please excuse my error of omitting the decimal point in your price.

The minature picture in upper right corner would also be changed to fit the subject.

All three sample images are from Google search.

Magazine covers change a lot from issue to issue, so you may have more artistic license than you might think.


forum discussion: http://forums.dpreview.com/forums/read.asp?forum=1006&message=36078214