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1. Create a new 16 million colors image with white background.
2. Type the text (Floating, and Anti alias must be unchecked).
Note: The larger to font is the more texture will be seen.
3. Apply cutout to the text with these settings:
Vertical, and Horizontal = Negative Three (-3)
Opacity 255, Blur 36, Shadow Red, no Interior Color.
Note: Apply the cutout more than once to get another effect.
4. In color palette choose White as a foreground color.
5. Go to: Image/Special Effects/Hot Wax Coating (Apply it).
6. Use Greg's Output Filters and apply Metal Effects.
7. Adjust Wave Scale to 255, and leave all other scales alone.
8. Now save it...you can save it as a Transparent GIF, and
use it on your WEB Page.