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Embossed Text 
This effect tends works best on wide text.
- Create a new image set to 16 million colors OR work with an existing image.
- Add a new layer and flood fill the new layer with white.
- Using the text tool, enter some text light grey in color:
Red: 192
Green: 192
Blue: 192
Check 'Floating', and keep the text selected.
- Save your text selection to an Alpha Channel (Selections|Save to Alpha Channel).
- Deselect text and emboss. (Effects|Texture|Emboss)
Variation: For a softer embossed effect, apply a Gaussian Blur at .5 after the emboss.
- Load your selection from the Alpha Channel (Selections|Load from Alpha Channel).
- Expand your selection by 1 (Selections|Modify|Expand), or experiment with no expanding the selection.
- Invert your selection (Selections|Invert), then hit the delete key.
- Invert your selection again.
- Contract your selection by 2 if you didn't expand the selection in step 7, or 3 if you did. (Selections|Modify|Contract)
- Flood fill the inverted selection with your text color or pattern.
 
Source: Web Graphics On A Budget
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