Swiss Cheese Text

Step 1.
Create a new image 300 x 100. Choose a couple of colors,one light and one darker for contrast. Place your text on the first layer of the document.

Step 2.
Next, ratertize your text. Layer -> Rastertize -> Text. Select the layer, and duplicate it. Press ctrl and left click the first layer to select the text.

Step 3.
Next, add some style to the first layer of text. Use the gradient tool set to difference to create a nice background. Don't over use the tool, or the color will distort. You can fix that with colorize options if you need to. (ctrl+u and check colorize box)

Step 4.
Select the top layer and rightclick and choose blending options. Add a bevel, and shadowing.

Step 5.
Select the eliptical marquee tool, and hold down shift while selecting small sections of the text. to 0.

Step 6.
Press delete to reveal your under text. Press ctrl+d to deselect.

Step 7.
Select the background layer and change the color to black to get the best color effect.

Here is my final image.