Step 1Open a new file and type some text in.
Choose the Magic wand tool and select the text.
Step 2Create a new layer by pressing Ctrl + Shift + N
Select the Brush Tool Choose a small round brush, with hardness and opacity set to 100%,
Set its color to white, and paint some random spots where you want the blood to be, mostle at the bottom of the letters.
Step 3Deselect by pressing Ctrl + D
Go to Image > Rotate canvas > 90CW
Go to Filter > Stylize > Wind and apply the following settings:
Apply the wind again by pressing Ctrl + F
Lock the transparentsy, by clickind on the Lock tranparent pixels in the layer window.
Choose a color for the blood, and go to Edit > Fill
Go to Image > Rotate canvas > 90CCW.
Step 4To add some volume to the blood, right click on the blood layer and choose Blending Options. Select Bevel and Emboss ans choose the following settings, make sure to change the color in highlight mode to some light red.
This is the final result.