Step1: Tap the letter "d" to 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 by 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 and height to 130%.
Step5: Click on your original type layer and raterize 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/Sarturation. Click the colorize checkbox and make the hue slider to the color you'd like.