Step1:
Open the image of your choice.
Press ''T'' to get the Type tool and enter your text.

Step2:
Put a selection around your text.
Hide your type layer by clicking on the eye icon.
Click on your image layer.

Step3:
Press Apple + S.
Add a drop shadow, Inner shadow and inner glow effect using your layer styles.

Step4:
Drag your original type layer into the trash.