Step 1
Start a new document 400x150 pixels, pick to colors one for your foreground and one for your background, I'm using to types of blue, then goto "filter > render > clouds>", then select the text tool and the color white then type what ever it is you want to pixelate, here's how mine looks.
Step 2
Now duplicate your text layer and drag your duplicated layer underneath the original and goto "filter > blur > gaussian blur" photoshop will tell you that the text layer needs to be rasterized just click ok, now gaussian blur it by 4 pixels, here's how mine looks.
Step 3
Now goto "filter > pixelate > mosaic" and type in 12 click ok. looks a bit blurry so we need to sharpen it, goto "filter > sharpen > sharpen" do this twice.
Step 4
Now add a small drop shadow under your original text layer. Done!
