Start by typing
your alphabet. Press Ctrl+T and rotate it a bit.
Double click the layer to open layer style
window. Apply layer style with the settings shown.

Similarly
type other alphabets and rotate randomly.

Select
and merge all the alphabet layers. Duplicate the layer. From "Filter"
menu select "Stylize>>Emboss". Apply settings as shown.

Change the layer mode to "Overlay".
Ctrl+Click the layer thumbnail to get the
selection. From select menu select modify>>contract. Contract the
selection by 6 pixels.
Press Ctrl+J to copy paste the selection
in a new layer. Double click the layer to open layer style window.
Apply layer style with the settings shown.


Select and merge all the layers. Double click the
layer to open layer style window. Apply settings as shown.



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