Now I shall show you how to make a very nice effect that is quite easy.
First create a new document, I like 450x200. Now go to
http://angryblue.com/downloads.shtml and click "Download AB set one."
Then in black text write whatever you want, set the size to around 70 pixels, now right click on the text layer and select "Rasterize Layer" I believe it's "Rasterize" in some versions of PS.
Now right click on the text layer in the layer window and click "Blending Options." In color overlay select "BB0000" as the color. Then go to Stroke and put in one pixel black stroke, click ok.

Grab your eraser tool and select some of the brushes you just downloaded, start erasing, but not too crazy or your text will be unreadable. Then fill the background layer with some color around 8d8b8b.

Now your text is decayed. Now for the mirror effect.
Right click on the text layer in the window, and click Duplicate Layer. In the layer copy go to Edit>Transform>Flip Vertical. Then select the move tool and move the layer copy straight down.
Then in the layer window set the text layer copy's opacity to 15%. You're all done!