1) First open up yourself a new document size doenst really matter now add an new layer next select your Type Tool and use these settings
http://www.13dots.com/boogie/texttut1.gif
2) Control+Click this layer this will select the text

3) Goto Select - Modify - Expend (this will expend your selection)

4)Expend the Selection with 5 pixels ( you can use different settings for a different end result )

5)Create an new layer and fill it with #FF6C00

6)Ok now Control+Click your new layer ( the layer you filled up with the orange colour ) And goto Select - Modify - Expand it once more with 5 pixels

7)Create an new layer and fill it with #FFDE00

Now your done but you can go futher by selecting the layers and using bevel and emboss settings just experiment and the end result will only get better