Cool Text Effect

Start by typing "effect" with a bold font.

Ctrl+Click the layer thumbnail to get the selection.

Press Q to enable quick masking.

From filter menu select sketch>>torn edges.

Apply settings as shown.

Press Q to disable quick masking. Hide the text layer.

Create a new layer and fill it with a gradient.

From filter menu select texture>>craquelure. Apply settings as shown.

Double click the layer to open layer style window. Apply layer style with the settings shown.

Duplicate the layer remove all effects except bevel and emboss. Double click the layer to open layer style window. Adjust bevel and emboss settings as shown.

Change the layer mode to lighten.