1. Type the text and fill with the
color of your choice.

2. Filter > Noise >
Add Noise
(Amount: 7, Uniform, Monochromatic)
Say OK when asked for Rasterizing the type.

3. Filter > Distort >
Ocean Ripple
(Ripple Size: 9, Ripple Magnitude: 9)

4. Layer > Layer Style
> Bevel and Emboss
Change the Gloss Contour to Ring

Select Drop Shadow
also

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