Finished Result:

1) New Image: Black BG

2) Pop your text down (make sure the font is realatively thick) with the fore ground colour:
Red=186
Green=171
Blue=134

3) Selections: Modify: Feather=2

4) Choose white as the foreground and apply TWO hot wax coatings.

5) Colours: Adjust: Brightness/Contrast:
Brightness=25
Contrast=60

6) Done!

Variations

Put a texture of another colour on top before you feather (step3) This one is Airbrush tool: Opacity=70: Density=60 Texture=Polkadot

Texture=Lava