- Change your layer mode to difference.

- Go to Select -> Modify -> Contract, enter value 3 and click ok.

- Enter the Quick Mask Mode by clicking () or press Q on your keyboard.

- Go to Filter -> Distort -> Glass, apply the following changes and click ok:

- Exit the Quick Mask Mode by clicking () or press Q on your keyboard.

- Go to Layer -> Duplicate Layer and click ok.

- Press Delete button from the keyboard.

- Change the layer mode to Color Dodge.

- Go to Layer -> Layer Style -> Bevel and Emboss, apply the following settings and click ok:

- Go back to vary first text layer you made, go to Layer -> Style -> Drop Shadow and click ok.

- Go back to the latest layer you made (the most top one, probably numbered 3), and change it's mode to Saturation.

- Press CTRL + D to deselect the selection.

- The final result should look something like below: