Start with a new image in RGB mode and apply the text. Save the selection.

Go to FILTER/STYLIZE/FIND EDGES

Apply the BLUR/GAUSSIAN BLUR- filter with Radius 1,6

Now, chose the EMBOSS-filter under STYLIZE and make your adjustments as shown in the picture.

Now, go to FILTER/RENDER/ Lihgning Effects and set the light to the approx settings that is shown here to the left. The light-direction should be from top/left.

Load the selection (#4) that you saved in step 1. Go to SELECT/MODIFY and chose EXPAND with 4 pixels. Select inverse and press delete.

Select inverse again and apply the FILTER/NOISE/ADD NOISE with amount 16 and youВґre done!