Start by opening a new file. Type "LIGHT GLOW" in new layer.
Ctrl select the type layer to get the selection.
From filter menu select modify>>contract.
Contract the selection by 2 pixels.
Press Ctrl+Alt+D to feather the selection.
Now press delete two times to remove the inner area.
Press Ctrl+Shift+U to desaturate.
Press Ctrl+U to open hue/saturation palette. Apply settings as shown.
Double click the layer to open layer style window. Enable outer glow and use settings as shown.
Apply a gradient to the background.
