http://design.tutsplus.com/tutorials/how-to-create-a-smeared-ketchup-text-effect-in-adobe-photoshop--cms-20557

In this tutorial, we will use a combination of Adobe Photoshop and Illustrator to create a realistic-looking ketchup text effect. We will also show how to smear or smudge the ketchup effect in an optional step at the end. Let’s get started!