Layers magazine has a good tutorial on how to create customized labels within photoshop that you can use for various products.
This is a usefull method using Photoshop’s Smart Objects, align-and-distribute options, and layer groups make it easy to repeat your label design to fit the label stock.
Worldlabel provides a very handy selection of templates that you can use with this method such as address labels, cd templates etc so grab yourself a label template and follow the tutorial.
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