Text in text - Creating an amazing text effect

Start by creating a new document. Type text in small font size as shown in the image below. Rasterize the layer.

Type your text using a bold font. Ctrl+Click the layer thumbnail to get the selection.

Select the small text layer. Press Ctrl+Shift+I to inverse the selection. Press delete.

Duplicate the layer and hide it. Move this layer above all the layers in layer order in layer palette.

Double click the layer to open layer style window. Apply settings as shown.

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