I'm not very good at following instructions. But there are some great free tutorials on the net so I forced myself.
This is my interpretation of a special type effects tute by Digital Tutors. I had to create the word as a vector for the first layer because I couldn't download the file from the site (maybe because I needed to be a paying customer!)
It didn't turn out quite like the one in the demo, but I am pretty happy with it. Using the airbrush for splatters and a couple of highlights was instructive too.