Step One
Open up an image. In this case I will use a rose.

Step Two
Choose the Type Tool and type something up
Choose the Type Tool and type something up

Step Three
Go to Layer>Layer Style>Bevel and Emboss and use the setting below.
Go to Layer>Layer Style>Bevel and Emboss and use the setting below.

Step Four
Select the text layer and change the Fill from 100% to 0%
Select the text layer and change the Fill from 100% to 0%

Step Five
Here's what I came up with after a little touch up,
Here's what I came up with after a little touch up,

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