1. To start i will use a 400 x 125 px image and fill the background with black. Then type in your text and make sure you use a bold font. I stretched mine to show a better example
2. Now press Ctrl and click on the text layer to make a selection around the text.
3. Now take your image (for this I used a wallpaper image from www.gamewallpappers.com, MidnightClub 3) and paste your image into the layer. Make sure you don't use past. You need to click on Past Into.
4. You should now have something similar to this. From here just scale down the image used for the background to make it fit and look good.
5. Now add a few finishing touches like a 1 px border to make it stand out a dit. And you are done. Now there are many different effects you can add to this. Such as enhancing the background image, also making the text on a transparent background... Justry out different things and use whatever you like...
Here is my final result
