For this effect to come out nicely when need to position the text on the other side of the path. Grab the Path Selection Tool (A)and move it over the text. you will notice that the cursor changes when hovering the text into this
. Drag in towards the center with the tool. The Path Selection Tool will also let you alter where on the path the text should start and end. If you loose a part of the text you will need to either distribute it on a longer stretch or make it smaller.
We are now going to reshape the text but to do this we need to convert it into a shape. Go to Layer > Type > Convert to Shape.
Move on to Edit > Transform Path > Perspective. Drag one of the top corners slightly inwards and then drag one of the bottom corners a bit outwards. Hit the Commit Transform-buttonup in the Option bar when you're done.
Go to Edit > Free Transform (Ctrl+T) and while holding the Alt key drag the top center node downwards to make the shape flatter.
To give the text some depth create a duplicate of the text shape by dragging it's thumbnail to the Create a New Layer-button
in the Layers palette.
You now have two identical shape layers in the layer set. Double+click on the thumbnail of the bottom shape layer. Change the color to whatever suites you. Close the color picker by clicking on OK.
Grab the Move Tool (V)and use the Down arrow on your keyboard a couple of times. Remember the amount of times you hit the key. Now hold the Alt key and hit the Up arrow one time less than you did with the down aroow just before.
Lets rotate the text a bit. Go to the Layers palette and click on the little folder saying Set 1. This effects the entire set and all layers will be transformed at once. Go to Edit > Transform > Rotate. Rotate the text either manualy or by setting a value in the Options bar .
Time to mask out the part of the text that should be behind the sphere. Grab the Lasso Tool (L)
and make a selection similar to mine. Make sure it includes all parts of the laext that should be behind the sphere.
Move on by holding Alt+Shift+Ctrl and clicking on the thumbnail of the sphere layer, Layer 1, in the Layers palette. This methods gives us a selection that covers the area that was covered both by the Lasso selection and Layer 1's transparency. Move on to Select > Inverse (Ctrl+Shift+I).
Now make sure that you still have the Set 1 active in the layers palette and then hit the Add layer mask-button.
o.k.
Start out a new 72 dpi, RGB image large enough to fit your text.
, click on your image and type in your text. This text effect works well on thin and medium bold fonts. I used Adobe Garamond Bold at 72 pt and Crisp anti aliasing.
Go to Filter > Distort > Ocean Ripple... You will be promted about rasterizing your type, agree with OK. 
Hit X on your keyboard to switch positions of the foreground- and background colors.
Go back to the Add Noise... dialog with Ctrl+Alt+F. Lower the Amount to 5% and hit OK. 
. Choose Drop Shadow... from the menu. Keep the default settings and move on to Bevel and Emboss. Use these settings: 
Well that's it! Hope you enjoyed it and that your result turned out fine.
and move up to the Options bar. Locate the Spatter 39 pixels-brush and set the Mode: to Pencil.
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