1. This effect is sometimes called Rocky Text. Create
new file with 72 PPI and white background. Type the text with thin font.
2. Fill it with the color resembles to stone. Try the last row of color swatches. Select light color for foreground and dark shade for background
Layer > Layer Style > Bevel & Emboss ( depth 700)
3. Filter > Noise
> Add Noise
(Amount 16)
Uniform
Monochromatic
4. Filter > Distort > Ocean
Ripple
size:9
magnitude:9
5. Layer > Layer Style > Drop Shadow
More Tutorials: 
