Credits:
First, I got the inspiration from this tutorial on Psd.tutsplus.com (great tutorial, sadly, I can’t do this in PSP).

What you need:
Font(s): Blade 2

Step 1

Ok, step 1 is to make a new document. I’m making a small one at 200×200. Set your foreground to #482020 and background to #000000. Use the Foreground-to-Background gradient with a Sunburst style. Look at the following image to see where you should position the cross-hairs that control the foreground color.

Image1

Step 2

Duplicate the layer and add some noise (Gaussiann, 25, Monochome).

Image2

Step 3

Now let’s add some motion blur. Make the Angle (0) and the Strength (50).

Image3

Step 4

Ok, now let’s move on to our text. I’m choosing the letter “O” for this tutorial, font size 300. Make the color white and center it on a new layer. After your done, deselect. We don’t need that selection anymore, it will just distort the image.

Image4

Step 5

Now we need to add some Inner Bevel. This is where the main effect comes from.

Notice: The settings I am using work great on this letter, but I tried them on an entire word and it didn’t turn out so well. You have to tweak it to perfection to make it work.

Image5

Step 6

Now lets add some glow. Add a drop shadow with an orange color, blur (60), and opacity around (75).

Image6

Add another drop shadow, this time make the color yellow, blur (25), and lower the opacity until it looks good.

Image7

You could stop here, or before adding shadows, but I think the finished result is really awesome.

Step 7 *Bonus*

Now you can add a glow to it. I’m going to make this quick. Duplicate the layer. On the bottom layer, add 5px Gaussian blur. Set the top layers blending mode to overlay. And you should get this effect (all depends on earlier steps: colors, drop shadow, etc):

Image8