Creating a Metal Text Effect in Photoshop

A while back I uploaded a Catalog Cover I did featuring drippy paint over metal layers. In the process of creating a drippy paint tutorial based on it I realized there was a complete second tutorial waiting just in how to do the text effect. Thus, this tutorial.
Feel free to use this tutorial but don't forget to play with it and make the effect your own! Doing this word-for-word means you're not doing your own design, you're doing someone else's. Use this as a jumping-off point and get creative!

The original cover and the drippy paint tutorial, as well as my other two tutorials:


Wood background was a paid, royalty-free stock from ThinkStock.com