1. Begin with a new file, with a black background, then take the Text Tool and type in your text.
2. Now head over to the layers palette and right click on your text layer, choose Blending Options and apply this settings. ( Click for larger view )



3. Click OK and that´s it you are done!
This is what I came up with.

10 Random Photoshop Text Effects :
10 Random TutorialKit Materials:












More Photoshop: