Open a new layer and type the text in white. And then Render the text layer.
 

Go to the pop down window in the layers palette option and select 'Soft Light'.

Now duplicate the layer, by dragging the layer in the Layers palette to the New Layer button at the bottom of the palette.

Press Ctrl+I to invert the duplicate layer. Your text at this stage should disappear.

Using the arrow keys on your keyboard nudge the inverted layer 2 pixels down and 2 pixels to the right.

You can create various effects by changing the options from the pop down window. In this image I have set the option to 'Color Burn'.