Can we create a 3D effect shape from an image using Photo shop or illustrator using two dimensional image?

Here's a Tutorial, hopefully this can help you get started.

Yes u can make a 3D shape image using Photo shop or illustrator.There are option but u must know how to use than u can easily do it.

In Photoshop and Illustrator there are several tools that can create a 3D effect.

Bevel
Extrude
3D Tool

here are some tutorials for both programs.

http://sixrevisions.com/graphics-des...nd-techniques/

http://www.photoshopcafe.com/cs4/extended.htm


Also Adobe After Effects creates 3D images with Photoshop layers