Press D to reset your colors to default

Use the "Type tool" and create your text color white on black background. Use a fairly large font for best results.

Then go to Filter->Texturizer->Stained Glass: (when asked to rasterize, select "YES")
(The following setting may vary depending on the size of your text).
Cell Size:12. Border Thickness: 8 Light Intensity: 1

Now go to "Select->Color Range" and click on the white of the stained glass to select it.

Now switch over to the channels pallete, create a new channel, and fill the selection with WHITE.

Press CTRL+D to deselect.

Now go to Filter->Blur->Gaussian Blur Set Radius: 4.0

Now go to Image->Adjustment->Levels.

Then move the sliders so your image is sharp again.

Now switch back to the layers pallete, you can hide the original text layer because we wont be working with it anymore.

Now to go Select->Load Selection. In the channel field, select Alpha 1, this will load the select from the channels pallete.

Now create a new layer and fill this selection with grey then DESELECT

Now apply the following:

- Drop Shadow

- Inner Shadow

- Bevel and Emboss

- Color Overlay - You can set this to grey or any color to your liking.

This looks better on other background other than black, the reason we use black above is because of the way the selections work.