Create a new texture first.

1) Create a new file, 250 x 250 pixels in size, in RGB color. Fill the layer with a desired color (here i used A57E06). Select Filter/texture/Grain. Adjust intensity, contrast and select grain type as horizontal.

2) Add a new layer and fill with the foreground color. Then change the layer mode to screen. Then press Carl+E to merge the two layers.

3) Select the type tool and type your text.

4) Edit > Copy (Command-C) and create a new layer and Edit > Paste (Command-V) in the new layer.

5) Add a new layer (rename that to text-black).

6) Next reselect the selection (Select> reselect). Then nudge the selection UP one pixel and LEFT one pixel by pressing the left and up arrow key. Fill with black color.

7) Move the selection back to original position(By pressing right and down arrow key) hit DELETE to erase all but the upper left edges of the text-black layer black pixels. You should now see something like this.

9) Next reselect the selection (Select> reselect). Then nudge the selection Down one pixel and RIGHT one pixel by pressing the down and right arrow key. Fill with white color.

10) Move the selection back to original position(By pressing left and up arrow key) hit DELETE to erase all but the lower right edges of the text-white layer white pixels.

11) Now change the opacity of this layer to 50%.

You should now see something like this.