(Example of Foreground color set to White and Background color set to Black)

Pick the "Airbrush"  tool. Under the Control window, set the texture to "Spheres".  Set Brush tip = 200  Opacity = 200  Density = 200  Hardness = 0  Step = 25

After values have been set, start applying the airbrush tool (See Figure 1).

Figure 1 - Image after applying the "spheres" texture

Start applying any text by picking the "Text" tool  

Font Settings:

Font Name = Any font (I used Mistral on this example)
Style = Bold
Size = 100

Then, click on Selections>Save to Alpha Channel>Ok>Ok

While text is still selected, press [Delete] from your keyboard, click on Selections>Load from Alpha Channel and pick the selection that you saved previously (See Figure 2)

Figure 2 - Sample image after loading the saved selection

Settings I used:
Fill Interior Color = NOT checked
Shadow Color = Black
Opacity = 90
Blur = 5
Vertical Offset = 3
Horizontal Offset = 3

Settings I used:
Highlight = 50
Midtone = 28
Shadow = 0

While selection is still active, press [CTRL+C] and paste it into a new image by pressing [CTRL+E]

Final Image