Start out by copying and pasting the image you would like to inlay into your text onto your canvas, make your background black..

Use the text tool to type your title over the background image, using the Type menu to customize your font size and style.

Click on the text and then hold shift and clicking our background image. With both selected, choose Object > CLipping Mask > Make

You should have something similar to mine

Add a 1 pixel stroke to your text by click on the stroke tab in your color window, and typing in a value of 1.

Now lets add a slight glow to our text. Choose Effect > Stylize > Outer Glow, and choose a value of 6.

Your all done! Here is how mine turned out: