Start with a new RGB image and use a grey background.
Add NOISE/ADD NOISE with amount 50
Apply theSTYLIZE/EMBOSS filter with the settings:
Angle: -45, Height: 2, Amount 145. Change mode to greyscale, and
back to RGB.
Write the text and apply the CARVE filter from Eye Candy with the settings:
BEVELWIDTH: 15, SMOOTHNESS 0,
SHADOWDEPTH:100, DARKEN DEPHTS:0
HIGHLIGHT BRIGHTNESS:100, HIGHLIGHT SHARPNESS:8
Go to IMAGE/ADJUST/- HUE/SATURATION and do the following
adjustments: HUE=20, SATURATION=35, LIGHTNESS=0, make sure that
colorize is marked. Now select inverse and press delete.
In this case above, I also used dropshadow