1. Start by opening a 500px by 150px file.
2. Write "HALO 3"(yes, in uppercase) using the Halo Font in any color.
3. Apply these layer styles:
Drop Shadow
Inner Shadow
Inner Glow
Bevel & Emboss
Gradient Overlay
4. You should have something like this:
5. Now, we're going to create the rust effect. Create a new layer and paint the top part of your text using the Spatter 59px default brush and #406482 as color
6. Press Ctrl and click over the small halo text layer's thumb to select it, then go to Select -> Inverse and delete your selection
7. Ctrl+D to deselect and change that layer's blend mode to Color Burn and opacity to 45%
8. Make again the last 3 steps but brushing the bottom part of the text and keeping Normal as the layer's blend mode
9. Add your text to an image or a coloured background to make it look better and you're finished
