This is the finished project:
Open a new file, 800 x 500, 72px resolution
Fill the background with black.
Select the Text Tool and a heavy font – I used Boulder, size 100pt, foreground colour white, and type the required text.
Right click on the layer in the layers palette and click on Rasterize Type
Create a new layer
Select the Brush Tool and set to Star 70 and reduce the size to 40px.
Make black the foreground colour
Click stars randomly over the text
Double click on the layer in the layers palette to bring up the blending options, and apply the following Drop Shadow, Inner Shadow, Outer Glow, Inner Glow, Bevel & Emboss and Stroke settings:
Double click on the text layer in the layers palette to bring up the blending options, and apply the following Drop Shadow and Gradient Overlay settings:
Create a new layer and leave just the new blank layer and the pattern layer visible, right click on either of the visible layers and click on Merge Visible.
Double click on the layer in the layers palette to bring up the blending options and apply the default Outer Glow settings (colour #FFFFBE):
Set the layer mode to Overlay.
Go to Filter>Render>Lighting Effects and apply the following settings: