Water Text Effect
This photoshop tutorial will show you how to create Water Text Effect.
Step 1: Open an Image. I use under sea picture.
Step 2: Select Type Tool and type out the text you want with white color.
I choose for this text effect font name 'Cooper Lt BT' with size 60 pt.
Step 3: Now in layer palette set 'Fill' to '0%'.
Step 4: Apply layer style now, go to Layer> Layer Style and apply Drop Shadow,
Inner Shaddow, Inner Glow, Bevel and Emboss, Satin and Stroke.
Here's the final result!