Step One

Create a new 300x150 document with a resolution of 150 , fill it with black . Now add your white text in a bold font, such as Arial Black.

Step Two

Reset your foreground and background color. Create a new layer and choose Filter > Render > Clouds to create a cloud texture.

Step Three

With your new layer still selected, ctrl+click the text layer. Click channels , which is to the right of the layers option, to display the alpha channels . Select the Save selection as channel option

Step Four

Keep the Alpha 1 channel selected , go to Filter > Blur > Guassian Blur . Change the radius to 3.5 and click ok. Now click the RGB channel to deselect the alpha channel.

Step Five

Go back to your layers window and select Layer 1 . Go to Filter > Render > Lighting Effects and change your settings to match ours. Be sure to change the

texture channel to alpha 1

Step Six

 Click on the eye icon beside your text layer to hide it. With layer 1 still selected, ctrl+click on your text layer . Choose Select > Inverse and hit the delete key on your keyboard. Hit ctrl+d to deselect it.

Step Seven

Choose Image > Adjustments > Curves and shape your curve to match the one shown on the left.

Step Eight

Keep layer 1 selected, ctrl+click your text layer once more. Go to Select > Modify > Expand and set it to 6 . Next, choose Select > Modify > Smooth and change it to 7 . Click the background layer and press ctrl+c to copy it, press ctrl+v to paste your selection into a new layer.

Step Nine

Select your new layer and click the Add a layer style button . Go to Bevel and Emboss and change your shadow mode to screen and use a light gray color .

Final Result