The easiest way to create an outer bevel is to use the layer
effects. Use the settings that you can see here below...
If you want it look like the image above, all you have to do is
to uncheck the "Use global light" and change the angle to - 45
If you don't have Photoshop 5 or later you have to do this
manually... Here's how to do that:
Write the text with white and render the layer. Mark the content
and save the selection. Deselect and apply Filter/Blur Gaussian
blur with 2 pixels. Add a new layer and load the selection
you saved before, fill it with black and apply Filter/Blur Gaussian
blur with 2 pixels.
Now move the black layer so it look something like the image
below.
Now, add a third layer and load the selection again. Fill the
selection with desired colour and move it so both the white and
black parts are showing equal.
