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Before you do anything else, just try resetting the workspace. To reshape you need to hover the cursor over an edge until you see a double arrow, and then drag that edge. You can save new workspaces.
But I believe that most of the regulars here use more than monitor. It makes life so much easier with Photoshop, and they are cheap enough to buy. This is how my workspace looks:
OK I'll give it a try - and holy cow! Your workspace is a dream compared to mine! Do you mean that you have all your panels on one screen and just the picture on the other?
I was able to narrow the panel some, but not much. It won't get any narrower. : (
OK. In Preferences > Interface make sure you have Auto show hidden panels checked, and turn off the panels with the Tab key. They will then fly out when you hover the mouse cursor over the edge of the screen.
I am not familiar with Mac OS, but it is super easy to set up an extended dual screen with Windows 7. I am sure it will be just as easy for you. The two screens in my Workspace are a 30 inch Dell Ultrasharp (1920 x 1200) and a 19 inch 4:3 Philips (1280 x 1024). Having those panels permanently is extremely useful. I can Ctrl click a work path to load it as a selection. I can immediately access brush shapes and dynamics. Alpha channels, colour swatches, adjustment layer and mask properties, and all of it immediately there. I would hate to have to work any other way now.
BTW You can save custom keyboard shortcuts with custom Workspaces. Check out this video for some great info on the subject.
It would seem since it looks like you have an english version of photoshop cs5, the layers panel should go much thinner.
Here's what my mac os x 10.6.8 on just a single screen set to 1280 x 960 looks like with photoshop cs5.
Maybe you need to reset the photoshop cs5 preferences by holding down the Shift+Cmd+Option keys,
starting photoshop cs5 and keep holding the keys down until you get a dialog asking if you want to delete the adobe photoshop settings file.
Press Yes because you do.