Start a new document 700x300 with white background.
Using the "Type Tool", create your text, make it large. Then go to Layer->Rasterize->Type to rasterize this text.

Now select the paint brush tool, select brush size 19 Hard Edge. Set foreground color to "black".
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- Using the brush tool, spot paint over the text layer to create "spats" effect.
- You can overlap the spots to give it a more random effect rather than just circular.
- Paint on the bottom edge of the text too to give it a dripping look.
- You can also switch the brush sizes to make different sized drops.

Now CTRL+Click on the layer to load the selection. Switch to the Channels' pallete and create a new channel. then fill the selection with WHITE.

CTRL+D to deselect. Then go to Filter->Blur->Gaussian Blur. Set Radius to 5.0

Now go to Image->Adjustments->Levels to load the levels pallete. adjust the setting until the image is sharp or readable.

Now CTRL+Click on the channel to load the selection.

Now switch back to the Layer's pallete. You can now hide the original text layer by clicking on the eye icon.

Create a new layer, and fill the selection on that new layer with color : #FFC85A. Then CTRL+D to deselect.

Now apply drop shadow style to this layer. Layer->Layer Style->Drop Shadow.
Note: Only modify the settings shown on the screenshot and leave the rest at default.


Just under Bevel and Emboss, there is a Contour check box. Check it. Apply the following:
Play around with the "Range" setting to get different effects. You can also play around with hue and saturation to change the colors of the text.

Here is mine.

