Launch Adobe® Illustrator® and start with the new document, let’s say 700 x 980 px, units: Pixels, RGB color model, 72ppi:
Note: Instead of digging through your hard drive searching for the file you have just saved (or file you have opened via Open Recent Files menu command) use Doc Revealer Tool* to quickly locate your document in Finder (mac users), Explorer (win users) or Adobe® Bridge®.
Now we will divide the text object into multiple objects that make up its appearance.
[select the text] > Object > Expand… (expand Object, Fill)
[select the text] > Object > Ungroup
Place your text close to the bottom-right corner, something like this:
Set both: the fill and stroke color to RGB 0, 0, 0 (black) and weight of the stroke to 1pt
Select all 6 letters (insert_txt) > go to opo panel > and hit create projection button:
opo automatically creates two additional layers: one for the projection objects (insert_txt_PZ-) and another for the back side objects (insert_txt_BZ-).
Now, select the projection objects using the Layers Panel (insert_txt_PZ-), set its Stroke Color to RGB 181, 68, 27 and Weight to 1pt:
Finally, select the front objects using the Layers Panel (insert_txt), set its Stroke Color to RGB 255, 255, 255 and Weight to 4pt.
Add another layer: texture. Move it to the top:
Prepare your own image file or download one from http://designinstruct.com/free-resources/free-water-color-dripping-textures (I chose Watercolorfall Texture 01).
Make sure that texture layer is active, go to File > Place… > and select the texture image. Scale it as required:
Go to Layers Panel > select texture > go to Transparency Panel > set Blending Mode to Multiply and Opacity to 100%:
That's it! Save your work: File > Export > JPG (Use Artboards)