Soft Bevel

Create a new image in photoshop, any size. Using the text tool, write your preferred text, preferably in a light colour. I used the fonts thug and brooklyn kid, which can be downloaded here.

Download this file, and unzip it to C:\Program Files\AdobePhotoshop 7.0\PresetsStyles or something similar to that.

Back in Photoshop, go to window>>styles. In the styles window, click on the arrow pointing right in the top right corner.

Go to replace styles>>Softbevel.asl.

With the layer containing your text still selected, click on the soft bevel style in your styles window.

You should have something similar to below: