Text Effect Question... (PS)

Apr 24, 2001

I want to make some text look this in PS7.0

I've gotten the squish and stuff right, but the color around it I just cannot figure out for the life of me. I know this should be easy but its driving me nuts, and I even consider myself a pretty good PhotoShopper. I've tried making the text glow, but then its not as sharp and solid...I also tried duplicating the layer, and increasing the size slightly and putting a white colored version ontop of the black one and I can't make it have an equal amount all the way around it...Whats the trick?