Ruby Effect
Watch this in-depth screencast to learn how to create a stunning ruby text effect with Photoshop. This 12 minute Photoshop tutorial will teach you various blending mode options, layer masks, curves, brush techniques, creating custom shimmer effects and more.
Photoshop Tutorial Result
This screencast will teach you to make everything you see in this image.

Watch The Screencast
Click here to watch the Photoshop Video Tutorial. NOTE: Turn up your volume to hear instructions, I accidentally recorded it pretty quiet.
Additional Information
As mentioned in the video tutorial you will need the following texture in order to follow along: http://ryane.com/wp-content/uploads/2007/09/dirt_01.jpg
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Comments
Brilliant text effect, and very easy to follow tutorial! Love it!
Yikes, no probably not, upgrade! your missing out
I don't know if I can do this in Photoshop 5.5, which is what I solely use. lol Is there a way of achieving this amazing work with older technology? ^-^
Sincerely, AnonymousCrossing
I need help, I'm using Photoshop CS3. When the glossy look comes in to play, u need to select transparent selection' but @ CS3 there is 'Select Pixels' and will not work the way it should in the tut.. Anyone knows a command in cs3 to fix this?
Thx.
One of the best text effects I have seen, really polished result!
Wow very slick!!!