Frost
Freeze your text and make it look like an ice cube with a frosted top and icicles.

This is a multiple page tutorial because there are 4 layers, each adding to the effect.

The first layer is the underlying text with a simple ice effect. Start out with your font on a simple background. I used a solid blue as a background to help work the font effects.

Next you'll add some pretty basic layer styles by double clicking the layer in the layer window (Layer>Layer Style>Blending Options

First set the Fill Opacity in the Blending Options tab. You can also adjust the layers Fill amount in the layer window, but since you're in the Layer Styles window its easy to do here.

Add a bevel and emboss style. Use inner Bevel with Smooth technique. Set depth to about 75, direction Up, size approximately 13 with soften set to 0. The shading angle and altitude should be fine, but you'll need to adjust the highlight and shadow modes so the colors are white and the opacities are higher. Set Highlight mode to normal 100%, and Shadow mode to lighten at 90%.

Here's what will make the basic frosted texture. Add a texture to the bevel and emboss style. Make it the Clouds pattern. Scale it down and set the depth low, about 15 should do.

Duplicate this layer so you have two text layers.