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Draw the shape round the guys head with the pen tool.
Right click and choose Fill Path (pick the colour you want in the the Contents dropdown in this window). Click ok.
Then add a drop shadow to it by clicking the fx button at the bottom of the layers panel. You can move the drop shadow around if you drag on the shape with the Layer Style window open.
That's how I would do it. Not sure if the style has a name but it reminds me of 90's comedy shows.