Start with a new texture or start with a plain
color.
Create a new channel and type your text (don't
deselect).
Press CTRL+J to defloat your selection and then
use the glaussian Blur filter with a setting of
2-4. Your image should look like this.
Go
back to the layer with your texture and use the
FILTER...RENDER...LIGHTING EFFECTS filter. Use
the following settings (from top to bottom):
Omni, Check, 13, 25, 0, 14, 20, #4 Channel,
Check, 20. Now hit ok and it should look like
this.
To
add more contrast, hit SELECT...INVERSE and fill
with a solid color.
This is what
your final text should look like:
Note: The final effect that
you end up with is largely determined by the texture or
color that you use.