Simplifying a layer in Photoshop CS5?

lily

New member
I recently switched from Photoshop Elements 7 to Photoshop CS5. Elements 7 had the option to "simplify" a layer by right clicking on it, then clicking, "simplify layer." This would basically flatten the layer, discarding any information about text or effects/styles and disabling the ability to change them. Is there any way to "flatten" or "simplify" a layer like this in CS5? I've been playing around with it for about twenty minutes and done some internet searching, but haven't been able to find anything. Any help would be much appreciated. Thanks!
I did find something about rasterizing layers, but I'm not sure if that's the same thing and it's greyed out except for "all layers". The particular layer I'm working with is with layer styles, not text.
 
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