I developed this really easy technique after a few attempts

1. Decide Foreground color. This effect looks pretty good with almost any color, but choosing
a dark background enhances it, so I choosed Red 0, Green 0 and Blue 130 this time, and selected
white as background (later foreground and background will exchange).

2. Create a new file 16,7 million colors (For this example I choosed 400 x 200) size and
set foreground color as background. Now we just have a dark blue window.

3. Use Text tool antialias unchecked. A big fat type enhances the effect. I used this time
Tahoma black size 72. Arial bold works pretty good too.

4. Save floating selection to Alpha Channel and then deselect.

5. Load selection from Alpha Channel.

6. Hit Edit/Clear. Now we have a white text on a dark blue background. Something like this:

7. Deselect

8. Use Magic Wand tool with feather value set to 0 and tolerance to 20. Click anywhere on the blue background.

9. Edit/Clear. Now we have just a few blue drops on a white background. Something looking like this:

10. Load selection from Alpha Channel.

11. Invert Selection.

12. Hit Image/Effects/Drop Shadow/ With following settings:

13. Use Flood Fill tool, solid, foreground color over white background.

14. Deselect. That's it.