1. Begin with a unique font that will look good with the 'liquid metal' effect. I chose Channel Tuning.
2. I chose to increase the spacing between letters in order to give the final product a better look. You can access this text settings box by highlighting your text and hitting Ctrl+T.
3. Next go into the blending options for the text and apply the following styles.
Bevel & emboss:
4. Stroke:
5. Stroke gradient color settings:
6. Here is what you should have.
7. Next you may notice white spots within some of your text areas. This is because you use a default white color prior to applying the styles. One way to fix this is simply by decreasing the font size.
8. However, a better solution I have found is to lower the fill adjustment down to 0. This will make all filled pixels transparent except for any blending option.
9. All done! I hope you enjoyed this tutorial and make good use of it. Here is what I got:
More Tutorials: 
