Concept: Its a tricky effect created using Adobe Photoshop. Its difficult because it needs lots of commands and image adjustment tools used in combination to get the realistic output. Here you have lots of scope to experiment with different filters and filter values. Try to use thick font to get better effect and keep on experimenting with the colors and hue saturation till you get satisfactory blood type of output. It can be used for specialized types of titles.
1. Create new file with 72 PPI and
white background. The mode has to be Grayscale. Type the text with
thick font.

2. Select > Load Selection
(Choose Layer Transparency)
3. Layer > Flatten Image
4. Select > Inverse

5. Filter > Pixelate >
Crystallize (cell size 4)
6. Select > Inverse

7. Noise >
Add Noise
(Guassian, Monochromatic, Amount. 70)

8. Blur >
Guassian blur (Radius 2.0)

9. Image >
Adjust > Curve
(make the curve as shown in fig.)

10. Press Ctrl + D to deselect
11. Image > Adjust > Invert

12. Image >
Rotate Canvas > 90 CW
13. Filter > Stylize > Wind
14. Method : Wind Direction : From the Right

15. Image >
Rotate Canvas > 90 CCW
16. Image > Mode > RGB
17. Image > Adjust > Hue Saturation
18. Click Colorize
19. Drag the Saturation slider to 100
20. Drag the Lightness slider to -5

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