Hi could try to explain you, but that's like chewing your bread.
I also have no clue as how much you know about Photoshop. If for example "set the overlay color in the layer style to red" sounds totally confusing to you, then I probably need more than just a few words to explain what you have to do. I get the impression that it's going that way, because you also ask how to change the text, which is pretty simple thing to do, just double click on the big T in your layer palette. As for the other issues; check every related effect in the layer style for color chnages and change the color being used to something you prefer.