Here we will writing some text...in blood! To start off we need a good place for our blood to spill, how about a wooden table? I used the texture below.

Next we need to make our text. Above your wooden table layer, create a new layer and fill in with white. Next use your text tool to write your words. Try to pick a rounded-font, and choose a weight of "bold." After you have written everything you want, rasterize your text by right clicking on your text with the text tool and choosing "rasterize type."

Merge your text layer with the white layer below it by pressing Ctrl+E. Next take out your brush tool. Choose a style that has very little blur, and use it to make some random black blotches around your text.

Blur your layer by choosing Filter > Blur > Gaussian Blur.

Now we are going to play with the levels a bit to remove the blur, afterwards we will have a much more rounded text. Choose Image > Adjust > Levels. Adjust the bars until you have something similar to mine.

Your text should now have lost its blur, however, the blotches and text will have "merged" together somewhat. Now we need to select our text and blood drops, to do this we are going to select by color. Choose Select > Color Range. Use the eye dropper and click on a black portion of your canvas. Click ok, and your text should be selected.

 

Delete your layer, revealing the wooden texture below. Create a new layer and fill your selection with a dark red to medium red gradient.

Choose Layer > Layer Style > Bevel and Emboss. Use the settings below. Don't forget to click on the contour dropdown menu, and choose the image shown below.

Choose Layer > Layer Style > Drop Shadow. Use the values below.

Your text should be looking pretty blood-like by now. For a final finishing touch I blended the wooden texture into my text to make it look slightly translucent. To do this, copy your wood text, Ctrl Click your text layer to make a selection, and choose Edit > Past Into. Change the layer mode to overlay and bring down the opacity into you have you have a nice tint of red. Your done! Here is how mine turned out.