Start a new RGB image with white background and black foreground. Type in some text. Note, if you are using Photoshop 4.0 it will create a layer of your type. If you're using Photoshop 5, you must Render the layer of text, -then- merge. You do this by right clicking on the T icon and selecting Render Layer.. Then merge with CTRL+E. You must merge it down if you want this trick to work. Just hit Ctrl-E (Cmd-E on Mac).
Now duplicate the image since we will need 2 copies for calculations. (Image/Duplicate) You now have images called Untitled-1 and Untiled-2. Switch to Untitled-1 and blur it with setting of 2. (Filter /Blur / Gaussian Blur.../2.0) Now switch to Untitled-2 and blur it with setting of 4. (Filter /Blur /Gaussian Blur.../4.0) Now set Filter/Other/Offset... 3,3.
Now again go to Untiled-1 and rotate it 90 degree clockwise (Image /Rotate /90 CW). Now we have to make it look snowy. Go to Filter /Stylize/Wind... and use it with Wind/Right settings. Then Filter/Stylize /Diffuse... with default setting. Time to rotate it back (Image /Rotate /90 CCW).
Time for calculations! Open Image /Calculations... Use following settings:
Finally we need to colorize it. Go to Image /Adjust /Hue /Saturation... and set Saturation to 20 and Hue to -120