Start a new document. for now, we will fill the background with black, so our text will standout more and easier to work with.

Now create your text, in white.

Now apply the following layer styles to the text (Layer » Layer style): Bevel and Emboss, Gradient Overlay

Now CTRL+CLICK on your text layer to make a selection of it.
(for Photoshop CS, you need to CTRL+CLICK on the icon of layer in the layers pallete)
CLICK HERE TO VIEW

Then go to Select » Modify » Contract. and enter 5 pixels.
DO NOT DESELECT YET!

Now create a NEW LAYER, and fill it with WHITE.
Then go to Filter » Noise » Add Noise, for amount, set: 40%, Distribution: Gaussian, and monochromatic checked. after that, press CTRL+F twice to reapply the filter. DO NOT DESELECT YET!

Now go to Filter » Noise » Dust & Scratches. Radius: 1, Threshold: 130
(Note, you will need to play with the threshold setting, you may not want to use the same setting as mine).

Then go to: Filter » Stylize » Emboss: Height: 3, Amount: 130%

This is too dark now, so lets brighten it up again: go to: Image » Adjustments » Brightness/Contrast:
Move the brightness slider over to about: +70, and the contrast to about -20.

Now you can press CTRL+D to deselect.

Now apply the following layer styles to this top (noise) layer.

Bevel and Emboss, Inner Shadow.

To add some shines to it, CREATE A NEW LAYER, select the brush tool, set to 3px hard brush,and draw a X on the new layer, in WHITE, then, set your brush size to 27px SOFT EDGE brush, and stamp a circle in the middle of the X.

See below.

Now just get the eraser with a SOFT Edge brush, and erase out the the ends of the X (cross) to make a fade effect. Now just duplicate that star and put it on your text.

This one is simply a different gradient (step 2) applied to the original text layer.

This effect is best created at a larger size then reduce it in the end to give a more detailed look. Select all (CTRL+A), and copy merged (CTRL+SHIFT+C), then paste (CTRL+P) , then do a CTRL+T to transform, and resize it. you MUST do the above step to resize, if you simply resize the text, it will NOT work because all your layer styles will now readjust itself for the new size.

So, heres my final.

The font used for this tutorial is called "Frankenstein"> Download here

DOWNLOAD MY PSD FILE