Step 1:
Create a new document, any size will work. I recommend filling it with a gradient, as in increases the effect, but it's not necessary. Here is my new document:
Step 2:
Now, make a new layer above the rest. Type out your text. This typically works best with a more round font. I typed out the words "glass text". Here is what you should have:
Step 3:
In order for the background to effect the text, we have to set the fill opacity of the text to 0%. In the layers panel, click on your text layer, then go to the "fill" opacity setting. It will looks like this:
Now, your text should have disappeared this is fine. It will look like this again:
Step 4:
Now what for gives the text that "shine". We are going to apply our layer styles. to apply these, double click on the icon for the text layer over in the layers browser. Apply these layer styles for "Outer Glow, Bevel and Emboss, and Stroke"
You now have completed the main effect. This is what it should look like:
Finish Up:
To show you how the text is effected by the background, I added a pattern overlay, and created a sheen effect through the middle. This is what I got:
The purpose for the multicolored striped in this next example are to show the glass effect again:
More Tutorials: 
