Let's start..

1. Make a new document and fill it with white (#FFFFFF)

2. Now use Impact font, change your foreground color to #3AA6CD and write your word.



3. Now open your Blending Options and set those settings:







If it's done you have to have like this:



Have fun!
Code:
/**
 * @author Jaan 
 * @copyright 2004-2009
 * @info: This tutorial is part of my tutorials collection that I
 * created past 5 years.
 */