Open a texture to use for the project. You may save the texture I have by Right Clicking and choosing "Save As" to download (Mac: Press and hold mouse button on the image, Select Save from the popup menu).
Select the Type Mask Tool. Make some large text, and click ok. Center Selection on the Texture
Go to Edit>Copy. Now Edit>Paste. This will make a new layer with the texture filled text.
Next go to
Layer>Effects>Bevel and Emboss. I’ve made a snap shot of my
settings below. After you finish with Beveling, select "Drop Shadow"
from the popup window.
The text is brought a bit off the background.
Now you can place the text in another existing document by selecting the Move tool and dragging it over.
To colorize your text, First make an adjustment Layer by holding down the Ctrl key (Mac: Command) and clicking on the New Layer button on the layers Pallet. Choose "Hue/Saturation" and click ok.
Double click on the Adjustment
Layer to bring up the Hue/Satruation options. Check the box where it
says "Colorize". I made a shot of the settings I used. Click ok and
you’re done.
The end result!