Nice 3D text EZ 3D TEXT!
This technique is adapted from Kai Krause's Snowy Mask technique, which I'll have up in the next update.
Start out with a transparent image and white as the background color, black as te foreground color. Now, type whatever it is you want this to say, and put it in the center (more or less) of the image. You should make sure that you leave enough space between the edges of the text and the sides of the image. Now, duplicate the image into another layer. Blur the text (Filter/Blur/Gaussian Blur) with a radius of 11 or so. Now, duplicate the layer again. (so you have the original, unblurred image in the background layer, and two blurred copies of this layer) Set the layer blending mode to Difference for all three layers. Now, leaving the top layer copy alone, go to the first layer (the one that's highlighted in the image) and fill the area outside the text with white. Do the same with the original, unblurred copy. Now, go back to the first layer copy (the one with white) and invert it (Ctrl-I) Ta-da! You should now see something like the image below.



ADDITION:
You might want to have fun rendering Lighting Effects in the first layer copy, using the transparency as the texture channel. You'll end up with slightly more chiseled-looking text, like this:




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