First off i used the font Angryblue
Available for download Here for PC's and Here For Mac's

Now lets start off by getting a new or existing image, for existing image just open an existing image and for a new one go to file--->New and select the dimensions, for this i used 504x360 Pixels


Next, i filled in the background with black usig the Paint Bucket tool (just hit G)


Then i selected the text tool (or just hit T) and put in text, in my case i put in Cool Photoshop Effects and made it pretty big. and made the font white so it can be seen


next you right click on the text layour and select blending options


Now that you are in blending options, on the left hand side look for Iner Shadow, click on it so the checkbox is checked

Then go to Outer Glow check the box next to the name, and choose a color the default is yellow, but i changed it to red because i like that color

Next, go to Inner Glow check the box next to the name, then once again change the default yellow color to a different color, i think it looks better when it is the same color as the Outer Glow. click Ok in the upper right corner, and you are back to your image and it is done.

now with that being said, you are done..........



you can also use other fonts, but i liked that one best, here are a few others using the same effect, you can also change to color of the background, and text color i believe i havent really tried it out, but i might and post it later...