Step 2: Use the Horizontal Type Tool(T) with big text size and white text color to write something you want

 Step 3: Go to Filter > Artistic > Sponge and use the default settings

 Step 4: Now press Ctrl-F three times to repeat sponge effect. After this step, we get

 Step 5: Now double click on "Style" layer to open the Layer Style dialog box. Use these settings:

+ Drop Shadow:

 + Inner Shadow:

 + Outer Glow (with white color):

 + Inner Glow:

 + Bevel and Emboss:

 + Satin:

 Step 6: Now press Ctrl-U to open the Hue/Saturation dialog box, make sure to tick on Colorize checkbox  and remember we are on "Style" layer, not Background. Use these settings:

Tutorial finished! And here is the result:

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