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Make a new image,
Width:        300 pixels
Height:      200 pixels
Mode:        Grayscale
Contents:  White
Go to Image>Mode>Multichannel, you can't see any differents, but you can see the is a "Multichannel" added in the history:
Create a new channel, the new channel will automatically named "Alpha 1".
Change the foreground to white color by pressing "
D" key.

Select the Type Tool, the enter some words in your image, use:
Font:        Arial (Bold)
Size:        150 points

......then check on the "
Faux Bold" check box.
click on the "Black" channel, then Select>Feather, set the Feather Radius to 3 pixels.
Change the Foreground to black color by pressing the "X" key.
Go to
Edit>Fill,
The edges are blur because you apply the Feather.
Go to Filter>Stylize>Emboss, use these settings:
Angle:     140
Height:    7 pixels
Amount:  100%
Go to Select>Load Selection, choose Alpha 1 for channel, then click OK.
Go to Select>Inverse or Ctrl+Shift +I , the selection will inverse:
Make sure your foreground color is black by pressing the "D" key.
While the "Black" channel is still active, press
Alt+Del:
Select>Deselect now,
Go to
Image>Adjust>Curves:
Click on the line to create five dots:
Drag the five dots up and down like the picture on the left:
Go to Select>Load Selection, use the Alpha1 channel, then click  OK.
Go to
Image>Adjust>Invert, then Select>Modify>Expand, Expand By 1 pixels.
Then go to
Select>Inverse:
Change the foreground color to white color by pressing the "D" key.
Press
Alt+Del to fill the selected area white.

Go to
Select>Inverse again to select back the words.
Go to
Image>Adjust>Levels:
Select>Deselect, your image should look like this:
Go to Image>Mode>Grayscale,
then
Image>Mode>RGB Color,
Hold on Ctrl key and then click on the Alpha1 channel to load the selection,
go to
Edit>Copy, create a new layer and then Edit>Paste:

Go to
Image>Adjust>Hue/Saturation, then click on the Colorize check box,
play with the settings to change diffenrent colors:
Add Drop Shadows or any other cool effects:
Use thinner words, alpply bevel & Emboss: