You should now have the below image.
Now right click the text layer in the layers palette and select, "Blending Options...". Now click on "Drop Shadow". Do not click "OK" as of yet. Still more to do.
Now click on "Inner Shadow". Do not click "OK" as of yet. Still more to do.
Now click on "Inner Glow". Do not click "OK" as of yet. Still more to do.
Now click on "Bevel and Emboss".
You may now click OK.
You should now have the below image. Then duplicate the text layer and turn the visibility off on one of the text layers by clicking the eye next to the text layer. Then merge the two text layers.
Now select the "Lasso Tool" and draw out random selections as I have done below. Remember, after the first selection has been made, you will need to hold the "Shift" key in on the keyboard to add a selection to it.
Once you are satisfied with the selections that you have made, go to the main menu and select "Edit" then "Cut" to get the following.
Now right click the text layer and select, "Blending Options...". Now click on "Drop Shadow".
You may now click OK.
You should now have the below image.
I added a texture/pattern to the face of the text and turned the opacity way down. I hope you enjoyed this tutorial.
Credit to Empiredezign