Start with a new RGB image and write the the text. Save the selection.
Go to Image/Adjust - Brightness/Contrast and set
Brightness to about +40
Apply the Glassfilter from EyeCandy with the
transparent button-settings, just change the refraction to 100
Go to SELECT/MODIFY/BORDER and set it to 2
Go to Image/Adjust - Brightness/Contrast and set
Brightness to about +40
Load the selection that you saved in step one
Apply the Glassfilter from EyeCandy with the
transparent button-settings, just change the refraction to 50.
You may have to adjust the Brightness and Contrast settings a bit.