1. Type the text and fill with the color of your choice.
2. Filter > Noise > Add Noise
(Amount: 7, Uniform, Monochromatic)
Say OK when asked for Rasterizing the type.
3. Filter > Distort > Ocean Ripple
(Ripple Size: 9, Ripple Magnitude: 9)
4. Layer > Layer Style > Bevel and Emboss
Change the Gloss Contour to Ring
Select Drop Shadow also

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