Start a new document and typ a text with a thick font (our example file is 500x500 pixels). Don't use a small font like Arial Narrow. It won't work on a small font.
Add an Inner Glow with these values:
Add a Bevel and Emboss with these values:
Add a Gradient Overlay with these values:
Add a Pattern Overlay with these values: Use this pattern for the "pattern overlay":
And finally, add a Border with these values:
The copy yhe layer and "rasterize" it (right-click on the layer and choose the rasterize option):
Then reduce the height of the rasterized layer (CTRL+T)
Delete the layerstyles from this rasterized layers, so the black text remains. If the text is not black, you have to mae it black first (CTRL+U -> Saturization 0):
Then move the layer with the back text underneat the layer you created first (drag it in the layers panel) and apply a gaussian blur van 3,2. Move the blurred text behind the layer with the layerstyle. Align it like this:
Choose a white, star-shaped brush (comes with photoshop).
Make a new layer above all others and apply the star-shaped brush on the edges (don't use it to much!). This applies a bling effect and your finished!!