^ First, make a layer set; then make a new layer inside of it. To make the blades, I just used the Circle Marquee Tool to make two circles (8 px by 8 px) for the ends, and fill them with white (Edit > Fill (you have to do that while they're selected) ). Then use the Rectangular Marquee Tool to draw a line between them, and make that white too. (they should all be in the same layer) It should look something like
this. Then go to Outer Glow, pick whatever color you want it to be, and set it like this:
Blend mode: Screen
Opacity: 75
Noise: 0
Tequnique: Softer
Spread: 5
Size: 21
Range: 50
Jitter: 0
Now duplicate that layer, and go to Color Overlay. Make it the same color as the Glow; with Opacity 100. Then zoom in as close as you can, get out your eraser tool, set the size to 9 px, and erase the middle of your second layer. It should look like
this. Congrats! You're now done with your blade.
For the handle, you're going to do sort of the same thing. After making a new layer, use the Rectangular Marquee Tool, with the size set to 40 px by 8 px. Put it at one end of the blade, and fill it with white.
Don't disselect. Then, using the Circle Tool set to 4 px by 8 px (and Add to Selection), put that at the opposite end of the rectangle, and make it white also, like
this. Now go to the Gradient Tool (beside the Eraser), and select Reflected Gradient (near the top of the screen). Near it is a box, probably going from black to white. Click it. You should get a box that looks like
this. Click the little black box in the upper right-hand corner, then click directly under it in the other box. That should make that half go transparent, like
this. Click OK. Now draw a straight line from the top of the rectangle to the bottom.
I added some more detail to the handle on mine, but you're more or less done now.
I probably explained that horribly.

If you have any questions, please ask!