1. Open Photoshop 7.0. Create
new file with 72 PPI and white background. Type the text and fill
it with 35% gray from the Swatches.
2. Filter
> Noise > Add Noise
Rasterize the text when asked for.
(Amount 16 - Gaussian - Monochromatic )

3. Layer > Layer Style
> Bevel & Emboss
( Chisel Hard - depth 400 size 25 )
Select Drop Shadow under Bevel & Emboss styles

4. Decorate the effect
by adding dark background.

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