
Where this idea came from...i've watched some bubble text tutorials using photoshop and wondered if i can make texts from bubbles that look actually realistic. During making this tutorial, i realized that it was simplier and easier than i thought.
Resources:
Underwater pic
Bubble brush
Light rays brush
1. Create a new blank layer ( 550x450 px) and fill with with color 3a6eb6.
2. New layer again, choose Text tool and type any words you like with white color. You should choose the thin font. I choose Arial with 160 pt and create space between letters.
Click to choose "Create warped text" on property bar:

3. Choose Select - Color range and click within the text area:
We have selection:

Make a new layer and hide the text layer:
Click to choose Retangular tool then right click to the selection, choose Make Work Path
wit minimum tolerance ( 0.5).
We get:

4. Choose brush tool and use bubble brush with white color:

Hit F5 to adjust settings:

Choose Pen tool and then right click the path, choose Stroke path:
Then right click it again, choose Delete path. We have:
Duplicate this layer, merge them all and set Outer glow:

This technique can be used for many text effects with different brush kinds. You will see
more about it in my upcoming tutorials.
5. Move the Cool text down a bit and paste this underwater pic into our document and place
it under the text layer:
6. Create a new layer, choose light rays brush , color 82dbfe and spot on the top of
layer:

Lower opacity to 60% and apply Motion blur:
Perspective tool:
Add a layer mask to eraser the two sides of the light rays, on the Cool text and bottom of the pic:

7. I use soft white brush painting over the top and middle of light rays, set opacity 70% on
a new layer:
8. Add a new layer, use bubble brush to draw some above the text and then set outer glow
with default settings.
9. New layer, use soft brush, color 38c1f4 painting over the pic sides:
Set it to Multiply 100%.


10. New layer again, use soft white brush to paint over the bottom of pic:
Set this layer to Soft light 30%:

11. Make a new selective color layer:
Cyans: 9,15,-100,19
Blues: 9,-8, -27,60
Neutrals: 20,5,0,5
Blacks: 0,0,0,5
Final effect:


