Engraved Text Effect in Photoshop

I saw this text effect the other day on a poster design and I really like it. This engraved text effect can be so cool especially if you couple it with the right font. So, I decided to write a tutorial here on how to create this engraved text effect or you can call it a carved text effect. It looks like the words are carved or engraved on the wood, rock or whatever texture you decide to use. This