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.

Painting Away Color Tutorial

Step1:
Open the image you would like to work on.

Step2:
Click on the brush tool.
In the options bar.
Switch the Blend Mode to Color.
Change your foreground color to black.

Step3:
From the brushes palette, choose a medium sized, soft-edged (0%Hardness) brush

Step4:
Start paniting.
As you paint, the color will disappear leaving your image in grayscale.

Shadow In Motion Tutorial

Step1:
Tap the letter ''d'' yo change your foreground color to black.
Hold down the options key and tap the delete key.
Type your text using a medium gray color (#666666).

Step2:
Duplicate your type layer lay using the Apple+J shortcut.
Rasterize your layer.

Step3:
Go under the Filter Menu, under Pixelate, choose Fragment.
Run this Filter two more times by using the Apple+F shortcut.

Step4:
Press Apple+T.
In the options bar change the width + height to 130%.

Step5:
Click on your original type layer and Rasterize it. Click on the top layer and press Apple+E to merge the 2 layers.

Step6:
To colorize your type, press Apple+U to bring up Hue/Saturation.
Click the colorize checkbox and make the hue slider to the color youd like.

Apple+U-Hue and Saturation
Apple+T-Free Transform
Option+Delete-Change color of image to your foreground color.
Apple+J-Duplicate Layer
Apple+E-Merge
Apple+F-Run the last Filter.
Apple+C-Copy
Apple+V-Paste
Apple+X-Cut
Apple+N-New Document
Apple+A-Select All
B-Brush Tool
Apple+Z-Undo
T-Type
Apple+S-Save
Apple+D-Deselect