1. Open a document in Photoshop with the size you want. I used 300*100 px.

2. Now click the Type tool and write whatever you want to be written.

3. Now you have to go to the texts "Blending Options" where you really can do alot, but in this case we're only gonna make it the "gelly text". How you open the blending options is to; Right click the layer with the text you want to be "gelly text".

4. When you have clicked where it says "Blending Options..." a new window will appear, you can see it below. Now click Bevel and Emboss and set the settings like mine below. (click thumbmail) After that just click OK and you'll have your gelly text.