Create a new document and fill the background with a dark color, maybe navy or black.
Use the text tool to type in your text, this effect works best with a big bold text, if you want it smaller, you can resize it later.
I'm using font Geography Black, size 150px.
Apply: Layer->Layer Style->Drop Shadow
Apply: Layer->Layer Style->Gradient Overlay
Apply: Layer->Layer Style->Bevel and Emboss
Apply: Layer->Layer Style->Inner Glow
Apply: Layer->Layer Style->Stroke
You can download .pad file here.

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