Use Type Tool [T] to create text, we will later apply aqua effect.
The color of the text does matter, make it white.
Creating Aqua Effect for your text:
Right click on the text layer and select Blending Options. (or go: Layer >> Layer Style >> Blending Options )
Layer Style window will open, click on Drop Shadow and use settings that you see on the screenshot.
In the Layer Style window select Inner Shadow on the left and use settings that you see on the screenshot.
In the Layer Style window select Bevel and Emboss on the left and use settings that you see on the screenshot.
In the Layer Style window select Color Overlay and use settings that you see on the screenshot.
Press ok when you done and your image should look like mine.
Congratulations, you now know how to create Aqua Text in Photoshop.
More Tutorials: 
