STEP 1


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Create your text using the Type Tool.





STEP 2


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Go Select > Load Selection...
Just hit OK, and it will select the outline of the text.





STEP 3


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Then Select > Modify > Expand...
Change this to the value you want the outline to go outside of the text.





STEP 4


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Create a new Layer under the text layer.





STEP 5


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Fill the selection on the new layer with the foreground color. (ALT-Backspace)





STEP 6 (optional)


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Select > Modify > Contract... the selection about 1/2 of what you expanded it, and delete that part of the layer. (DEL) Check on 'Preserve Transparency' on the layers window, and give it a nice gradient.]