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 Open up a new file with FILE > NEW (RGB).  Then  Select a New Channel from the channel palette. | 
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 Fill in the text (I used the OCR font for this example).  Make sure that the letterings are white on black background!  De-select everything by pressing CTRL-D (Photoshop 3.05) | 
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 Choose FILTER -> BLUR -> GAUSSIAN BLUR by about 1.8 to 2 pixels.  Then Load the selection by choosing SELECT -> LOAD SELECTION. Click OK.
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 Deselect the text by pressing CTRL-D Return to the RGB window by pressing CTRL-0(Ctrl+zero)Select a foreground color and fill the image by pressing ALT-Delete
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 Now choose FILTER -> RENDER -> LIGHTING EFFECTS
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