http://textuts.com/glittering-red-and-melting-ice-text-effect/

This tutorial will explain how to use multiple Layer Styles to create a velvety glossy glittering red text effect. Then, using some more Layer Styles and a simple brush, that text will be surrounded with melting ice. It’s an easy, very wintry-looking effect, that uses mainly the power of Photoshop’s Layer Styles. Let’s get started!