1. Type the text with Pale Cool Brown
as shown below.

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

3. Filter > Artistic >
Watercolor
(Brush Detail: 14, Shadow Intensity: 0, Texture: 3)

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

5.
Select Contour. Change to Rounded Steps.
Select Drop Shadow
also

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