Step 1

Create a new document, you choose the settings.

I'm using:

Width: 1400 px

Height: 900 px

Resolution: 72 pixels/inch

Colour Mode:RGB, 8 bit

Background: White

Step 2

Create a new layer.

Using the text tool, choose a font (I'm using Arial Black), a colour (black) and a font size (maybe 200 pt).

Draw a text box and type whatever, limited to about 2 words so it will fit on the document.

I have wrote "photoshop".

Step 3

Duplicate the text layer and on the duplicate, change the text colour to red (or any other colour than black).

Right-Click the both text layers and click "Rasterize Type".

Now arrange the layers (from bottom to top): white background, black text, colour text.

Step 4

Select the black text layer.

If you are using a mac, hold Command & Alt (option)

or

If you are using windows, hold control & alt.

While holding down these keys press the down and right key alternatively in succession, until you get the 3D depth you want.

Step 5

Merge all the black text layers.

Step 6 (optional)

On either of the text layers you can put a gradient overlay or whatever effect to your desire.

Thats the end of the tutorial

Enjoy. :D