Start off with a gradient background, medium gray to black. Type your text in large font towards the center.

Now lets add something to inlay your text into. Create a new layer below your text layer and make another gradient. Make sure that the direction of light to dark is opposite of the gradient in your background.

No create a new layer above your text layer, and Ctrl click your text layer to get the selection. Fill your new selection with a gradient of light blue to dark blue, making sure that the light portion is towards the bottom.

Now we are going to make it look like the text is sitting inside your gray gradient. Choose Layer > Layer Style > Bevel and Emboss. Use the following settings.

You should have something like this

Now we are going to add a little reflection to the text. Create a new layer above all the others, Ctrl click your text layer again to get a selection. Choose Modify > Contract and contract your selection by 2 pixels. Next take your circular selection tool, and while holding alt, delete the bottom portion as illustrated below.

We are going to fill this selection with a gradient. On your color palette, make your foreground color white. Click the gradient tool, and on the options towards the top of your screen, choose the "foreground to transparent" gradient.

Fill your selection with the gradient, and you should have something like this.

Now we are going to add a little glow. Go back to your text gradient layer, the layer with the light blue - dark blue gradient over your text selection. Duplicate this layer by choosing Layer > Duplicate Layer. While on the duplicated layer, choose Filter > Blue > Radial Blur and choose an amount that suits you. Make sure the blur method is "zoom" and the quality is "best." Once you have blurred your layer, lower the opacity of the layer until your text looks something like mine.

We are going to add one more gradient now, to further embed your text into your background. Create a new layer below both of your text layers, but above both of your background layers. Control click your text once more to make the selection, then choose Modify > Expand. And expand your text selection by 4 pixels. Make your foreground color dark gray and your background color light gray, and fill your gradient from top to bottom, making sure the dark gray is towards the top.

You should have something like this.

I just added a few small details to my background, here is how mine turned out!