 Do you love bubbles? If you do, let's create a text effect like this with some magic filters
Step 1: Create a new 800x800 pixels document. In fact, size is not a matter, just make sure it fit your text. Set your foreground to pink (#fc00ff) and your background to black
Step 2: Use the Horizontal Type Tool(T) to type anything you like 
Step 3: Now holding down Ctrl button and left click on the "small" layer to select your text 
Step 4: Go to Filter > Artistic > Sponge and use these settings: 
Step 5: Go to Filter > Stylize > Glowing Edges and use the default settings 
Step 6: Go to Select > Invert (or press Ctrl-I) to invert your text 
Step 7: Go to Filter > Sketch > Plaster and use these settings 
After this step, we get:  Step 8: Now we just need to apply some effects on our text. Double click your text layer to open up the Layer Style dialog box and use these settings: + Drop Shadow: 
+ Bevel and Emboss: 
+ Stroke: 
Finished! Here is the final result: 
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