Create a new image at 72dpi and RGB color. Place your text using a light grey
for your color. (Lighter colors work best for this effect.)

Now load the Layer 1 Transparency by clicking on Select >> Load Selection
Using the glass filter from Eyecandy, select the "Transparent Button"
preset and apply the filter

Create a new layer then use the Cutout filter from Eyecandy with the
settings: DIRECTION: 135, DISTANCE: 5, BLUR: 8, OPACITY:80 and black as the shadow color

Create a new layer then use the Cutout filter with the
settings: DIRECTION: 315, DISTANCE: 5, BLUR: 8, OPACITY:80 and white as the shadow color

Now return to Layer 1 and go to Image >> Adjust >> Hue/Saturation
to change the color. You can also use Color Balance to fine tune the color to your liking

All that's left is to add the drop shadow by either using the Eyecandy filter or
by using the Drop shadow tip here.