1..Create
a new image at 72dpi and RGB color. Place your text using a light
grey for your color. (Lighter colors work best for this effect.)
2..Now
load the Layer 1 Transparency by clicking on Select >>
Load Selection.
3..Using
the glass filter from Eyecandy, select the "Transparent Button"
preset and apply the filter.
4..Create
a new layer then use the Cutout filter from Eyecandy with the
settings:
DIRECTION:
135, DISTANCE: 5, BLUR: 8, OPACITY:80 and black as the shadow
color.
5..Create
a new layer then use the Cutout filter with the settings:
DIRECTION: 315, DISTANCE: 5, BLUR: 8, OPACITY:80 and white as
the shadow color.
6..Now
return to Layer 1 and go to Image >> Adjust >>
Hue/Saturation to change the color. You can also use Color
Balance to fine tune the color to your liking.
7..All
that's left is to add the drop shadow by either using the Eyecandy
filter or by using the Drop shadow.