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Step 1 Open up a new document and place your WHITE text in it;

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Step 2 Add these layer-styles to the Text;




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Step 3 Use the pen-tool to create a wave-shape;

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Step 4 Fill it with black;

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Step 5 Lower the opacity to 30-50;

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Step 6 Place a layer underneath the text and merge those 2 together;
Then, press CTRL+G on the black shadow;

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Step 7 Go to Filter>Noise>Add Noise and add some noise on the text-layer;

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Step 8 Merge both layers together and duplicate it, then flip it vertically;

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Step 9 Lower the opactity to 20-40;

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Step 10 You can also add a layer-mask if you want to, but it's not needed...
