Create a new image at 72dpi and RGB color. Place your text using a light grey
for your color. (Lighter colors work best for this effect.)
Now load the Layer 1 Transparency by clicking on Select >> Load Selection
Using the glass filter from Eyecandy, select the "Transparent Button"
preset and apply the filter
Create a new layer then use the Cutout filter from Eyecandy with the
settings: DIRECTION: 135, DISTANCE: 5, BLUR: 8, OPACITY:80 and black as the shadow color
Create a new layer then use the Cutout filter with the
settings: DIRECTION: 315, DISTANCE: 5, BLUR: 8, OPACITY:80 and white as the shadow color
Now return to Layer 1 and go to Image >> Adjust >> Hue/Saturation
to change the color. You can also use Color Balance to fine tune the color to your liking
