This is fairly simple.
Here's one way to do this.
First create a black BG layer.
Then on a new layer create your text.
[ATTACH]69948[/ATTACH]
Duplicate your text layer.
Change the color of the lower layer to the color you would like to use, pink in this case.
[ATTACH]69949[/ATTACH]
Add a layer mask to both text layers
Select/highlight the uppermost text layer.
Use the Pen Tool set to path to create the selection.
I like the Pen Tool for this process because you can adjust/move the points if needed.
Here is the path.....
[ATTACH]69950[/ATTACH]
Here is the path made into a selection (right click and chose "make a selection").
[ATTACH]69951[/ATTACH]
Click on the layer mask of the selected text layer (uppermost)
Fill the selection with black.
Will look like this....
[ATTACH]69952[/ATTACH]
Repeat the process for the second (pink) text layer.
Will now look like this, but don't worry!
[ATTACH]69953[/ATTACH]
Hit Cmd/Cntrl + D to deselect.
Then click on the the pink text layer mask and hit Cmd/Cntrl + I to invert the mask.
Should now look like this............
[ATTACH]69954[/ATTACH]
[ATTACH]69958[/ATTACH]
Now select the top text layer.
Select your Move Tool.
Use the directional arrows to move the text 4 clicks to the left.
Move the pink layer text 4 clicks to the right.
[ATTACH]69956[/ATTACH]
For the shadow, just add a layer style to the top (white) text layer.
Click the drop shadow and adjust to your liking.
[ATTACH]69957[/ATTACH]
[ATTACH]69959[/ATTACH]
