Step 1 : Open a new RGB Document 3.75 x 1.4 in size. Set your Foreground color to a royal blue. (Red 0, Green 60, Blue 255). Using The Type tool set your type, I used Times New Roman at 80 points with a Tracking of 50. When your type is set hold the Control Key and click the mouse on your type layer in the layers pallet. This will put a selection around your type. (Looks like small marching ants)

Step 2 : OSet your Foreground for Dark Blue (Red 0, Green 50, Blue 102), and your background to Light Blue ( Red 139, Green 190, Blue 253 ) Click Layer from the top of the screen, then click Rasterize, then click type. Now, click Edit, Stroke. In the dialog box, adjust width toe 1 px and adjust color to Dark Blue, then select the Outside option. Click OK.

Step 3 : Check that your Background Color is a Light Blue. ( Red 139, Green 190, Blue 253 )
Press Control Delete to fill the selection with light blue.
(Pressing Alt Delete would fill it with the dark blue foreground color)
Deselect this layer by Pressing Control D)
Make a duplicate of this layer.
Go under the Filter pull down menu and choose Gaussian Blur.
Choose value of 3 for Low Res image( 72 point for Web )
7 for a High Res image ( 150 point or more for Print).

Step 4 : Go under the Layer Menu under Layer Styles and choose Bevel and Emboss.
Change The Style to Emboss, Increase the depth to 300, Increase the Size to 21.
Change the Highlight Mode at the bottom to Normal and increase the amount to 100.
Change the Shadow Mode to Color Dodge and decrease the amount to 40.
Finally change the Shadow Color to White.
Try playing with these setting for different results.
( Size settings and amount of white will give greatest differences in results)

Step 5 : In the Layers Pallet hide the Background Layer and "Layer 1"
Do this by clicking on the Eye beside the layer.
In the Layers Pull down Menu choose Merge Visible.
This will Merge all layers with the eye icon turned on above your Background Layer .

Step 6 : Turn the Background Layer back on by clicking the Eye.
Go under the Layers Pull down Menu and Choose Layer Styles and then Drop Shadow.
Change the opacity Value to 40 and click Ok.
To add a Little more Aqua to your type choose Image, Adjustments, Color Balance. Move the top Slider to -75 ( Towards Cyan).
Move the Bottom Slider to +75 (Towards Blue).