Start with a new texture or start with a plain color.
Create a new channel and type your text (don't deselect).
Press CTRL+J to defloat your selection and then use the glaussian Blur
filter with a setting of 2-4. Your image should look like this.
Go back to the layer with your texture and use the
FILTER...RENDER...LIGHTING EFFECTS filter. Use the following settings (from top to
bottom): Omni, Check, 13, 25, 0, 14, 20, #4 Channel, Check, 20. Now hit ok and it should
look like this.
To add more contrast, hit SELECT...INVERSE and fill with a solid color.
This is what your final text should look like:
Note: The final effect that you end up with is largely determined by
the texture or color that you use.