Step 1

Start with the background. This is one I made using a couple of gradients.

Step 2

Add a new layer with your type on it.

Step 3

Duplicate your background layer. Press Ctrl/Cmd+J
Ctrl/Cmd click on your type layer to start the “marching ants”
Make sure your top background layer is active.
Press delete, you won’t see any difference, but you just cut a hole in
your layer.
Click the eye icon next tothe type layer to hide it.

Step 4

click the “f” at the bottom od the layers pallette to add a
layer style.

Go to bevel and emboss and fool around until you get a similar result.
See your type appear just like magic.

Keep the layer style box open.

Step 5

Now go to drop shadow and add a similar setting.

Click ok to apply your effect.

Step 6

Now lets darken the background a bit for some added realism.

Select the bottom background layer.

Press Ctrl/Cmd+L to open the levels box

Drag the left most slider in a bit and the middle one to the right a
bit to darken things up a tad.

Step 7

Here is the result!

download the PSD