Source File:
http://www.rsensen.com/logo.psd
Font=Arial Black
Tutorial
1. Make text
2. Adjust blending options on text for an inner shadow, bevel, and a stroke.
3. Duplicate text layer.
4. On duplicate layer, remove shadow and bevel. Make a black stroke as big as you want the bubble to be.
5. On duplicate layer, add a color overlay to make the text completely white.
6. Rasterize duplicate layer and combine with a new empty/transparent layer. (click it in the layers pallet and hit Cmd+E).
7. Use the magic-background eraser to remove the white text, leaving the black stroke.
8. With that layer selected, mess around with different gradients and bevels to get a bubble-like effect.
9. Mess around with different blurs to blend in with background. I recommend putting the bubble layer underneath the text layer.