1. Open up a new document (ctrl†n)
2. choose the text tool and type whatever you want. You can use any font you want, but htis is what I'm using:
and this is what my text looks like:
3. Now rasterize your text layer (or simplify if you're using Photoshop Elements) Left click on your text layer in your layers pallet and chose rasterize (or simplify) Like this:
4. Now use the magic want tool. Click anywhere outside of your text. Left click inside the selection and click select inverse.
5. Now click on the rectangular marquee tool
6. Left click then choose stroke (or stroke selection if you are using a different version of photoshop):
7. Choose whichever options you want. This is what I chose:
7. This is my finished product:



