Step1: Create a new image 800 x 600, set the background color to white #FFFFFF. Click on the type tool
and type some thing in your work area. I typed "ABSTRACT TEXT". Now right click on the text layer and click Blending Options as shown below.
After clicking Blending Options add the setting shown below.
Bevel and Emboss
Satin
Gradient Overlay
Click here to download the gradient I used
Stroke
After adding the Blending Option your text will look like the image below.
Still on the text layer hold Ctrl and click on the layer to select it. You will know that it's selected if you text looks like the image below.
Still with the text selected create a new layer by pressing (Shift+Ctrl+N) or clicking on Layer > New > Layer... With the new layer created click on the Brush Tool
.I used some great grunge brushes I download from www.pixelchick.dk. If you click over to the recourses link you will find it. On the other hand, you can use the brushes you have, there is no one set of brushes to use. You can use multiple brushes and get different effects.
Step2: At this point you have the text selected, you are on a new layer, and your brush tool is also selected. Change the foreground color to dark red #b40000. Use the brush and click on your selected text as shown in the image below.
The effect below is what I came up with.
You can play around with different colors and positions and see what effects you can come up with.
That is it, hope it came out to what you expected.

