Start a new document 700x300 with white background.

Using the "Type Tool", create your text, make it large. Then go to Layer->Rasterize->Type to rasterize this text.

Now select the paint brush tool, select brush size 19 Hard Edge. Set foreground color to "black".
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- Using the brush tool, spot paint over the text layer to create "spats" effect.
- You can overlap the spots to give it a more random effect rather than just circular.
- Paint on the bottom edge of the text too to give it a dripping look.
- You can also switch the brush sizes to make different sized drops.

Now CTRL+Click on the layer to load the selection. Switch to the Channels' pallete and create a new channel. then fill the selection with WHITE.

CTRL+D to deselect. Then go to Filter->Blur->Gaussian Blur. Set Radius to 5.0

Now go to Image->Adjustments->Levels to load the levels pallete. adjust the setting until the image is sharp or readable.

Now CTRL+Click on the channel to load the selection.

Now switch back to the Layer's pallete. You can now hide the original text layer by clicking on the eye icon.

Create a new layer, and fill the selection on that new layer with color : #FFC85A. Then CTRL+D to deselect.

Now apply drop shadow style to this layer. Layer->Layer Style->Drop Shadow.
Note: Only modify the settings shown on the screenshot and leave the rest at default.

Just under Bevel and Emboss, there is a Contour check box. Check it. Apply the following:

Play around with the "Range" setting to get different effects. You can also play around with hue and saturation to change the colors of the text.

Here is mine.

Download PSD File