Preview:

Colorful Text Effect.

Step 1:

Let’s start out by creating a new file. I used a 600×200 pixels canvas set at 72dpi, and I filled my background with black. Now select the Horizontal Type Tool then set the font family to Arial Black, regular, 72 pt, and smooth. In a new text layer type your name with a different color shade for each letter.

Step 2:

Under Layer Style(Layer > Layer Style) add a Drop Shadow, Outer Glow, Inner Glow, Satin and Gradient Overlay blending options to your colorful text layer.

Result:

Step 3:

In a new text layer type your name in white color.

Step 4:

Under Layer Style(Layer > Layer Style) add an Inner Shadow and Inner Glow blending options to your white text layer. Then set the layer's blending mode to Darken at 59% opacity level.

Result:

Step 5:

Move the white text layer behind the colorful text layer on your layers window.

Results:

Colorful Text Effect.