Step 1: Write a simple text:
Step 2: Select Layer > Layer Style > Blending Options:
Step 3: Select Stroke with these options:
Step 4: Select Drop Shadow with these options:
Step 5: Select Bevel and Emboss with these options:
Step 6: Select the Eraser Tool:
Step 7: Right-click on your text and set these options:
Step 8: Now make several clicks on your text:
Now it should look like this:
