You can create Free Professional looking Logo for your business, company or just for fun using online services.
Cooltext.com is an online logo maker, you can use to create great looking free logos. Choose style, different option like font, design, color etc and save the file on your disk once completed. Here are samples created using Cooltext.com.
Vistaprint also offers free online logo design. Select design, Font, Text effects, Color. Choosing design is optional. Once completed, you can save it in your Vistaprint account and use it with Vistaprint products.
TexttoLogo is another similar web service. It is actually bunch of services to create logos. However, these web tools place their website name on your logo.