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
FILTER>BLUR>GAUSSION BLUR 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
