hum....not a bad first attempt......but, the first problem i see is that iz rectangle......try designing 600pix X 600pix for a sample cover.......if itz going to be for print, better make it at least 1500pix X 1500pix
second, the album title is unreadable.........your gonna want to make that larger or use a different font.....im not really diggin the bevel on the text, try it without one or at least scale it down some
keep at it, with practice you could get good