Step 1:
Start with a pretty dark blue Background, something like #3c5362, and you can create Gradients with darker or lighter colors. Then, type the text you want to use. The color of the text is #9a3e40, and in this tutorial, the text size is (188 px), and the font used is "Bold".

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Step 2:
Double click on the "High" text layer to open the Layer Style box, and insert the values as below:

- For the "Drop Shadow" effect, choose the color #532526, change the "Distance" to (0), the "Size" to (9), and the "Contour" to "Half Round".

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- Change the color of the "Inner Shadow" to #6b3c3c, the "Distance" to (8), and the "Size" to (24).

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- Now, we'll add an "Inner Glow", using the color #d8888a, the "Size" value of (9), and the "Contour" type "Cone".

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- Finally, we'll be adding a "Bevel and Emboss" effect, so change the "Size" to (6), and the "Soften" value to (1), which will make the Bevel effect look way smoother, change the"Gloss Contour" to "Rounded Steps", use the color #ffb791 for the "Highlight Mode", and the color #745038 for the "Shadow Mode". And click OK to go back to the workspace.

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Step 3:
Press the Ctrl key, and while you are still pressing it, right-click on the icon of the "High" text layer. Now, a selection that has the exact shape of the text is created.

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Step 4:
Create a new layer ABOVE the "High" text layer, it will be called "Layer 1? by default, which is fine for now, but you can rename it if you want to, and the same applies for the other 2 layers we'll be creating later on.

Go to "Select" menu - Modify - Contract, and type the value (7), this will contract the current selection 7 pixels. Make sure you are still on "Layer 1?, and fill the new (contracted) selection with the color #9a3e40.

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Step 5:
Go to Filter menu - Blur - Motion Blur, apply a horizontal motion blur, type (0) for the "Angle" value, and (70) for the "Distance" value.

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- Change the "Layer 1? Blend Mode to "Overlay".

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Step 6:
Repeat Step 3 again so that you get the original text selection, and create another new layer ABOVE "Layer 1?, it will be called "Layer 2?. Fill the selection with the color #9a3e40.

Make sure that the Foreground Color is set to #9a3e40, and the Background Color is set to #d47375.

Go to "Filter" menu - Render - Fibers. Set the "Variance" value to (20), and the "Strength" value to (5). You can press the "Randomize" button until you feel the result is good, and hit OK.

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Step 7:
Keep the selection, and go to "Filter" menu - Blur - Motion Blur once again, and apply a vertical blur using the values (90) for "Angle" and (70) for "Distance".

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Step 8:
Now, we are going to change the colors of the "Layer 2? content, so make sure you are still on that layer, and go to "Image" menu - Adjustments - Hue and Saturation, and type in the values (15) for "Hue", and (35) for "Saturation", Click OK.

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If you still want brighter colors, you can re-open the "Hue/ Saturation" box and use different values, here i used the values (10) for "Hue" and (-15) for "Saturation" when modifying the colors for the second time.

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- When you're done changing the colors, change the "Layer 2? Blend Mode to "Lightr Color".

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Step 9:
Now, with the selection is still on, create yet another new layer, "Layer 3?, and fill the selection with the color #998675.

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- Go to "Filter" menu - Noise - Add Noise, type the values (30) for the "Amount", make sure that the "Distribution" is "Uniform", and that the "Monochromatic" box is checked.

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Step 10:
Go to "Filter" menu again - Distort - Glass. Type in (5) for the "Distortion", (3) for "Smoothness", make sure that the "Texture" type is "Frosted", and that the "Scaling" is 100%.

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Step 11:
To smooth the "Noise" effect yet more, go to "Filter" menu - Blur - Gaussian Blur, and apply a (0.3) Radius blur. Then, change the "Blend Mode" of the current layer, "Layer 3?, to "Soft Light".

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Result

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