more tutorials:

vampire makeover
light explosion text.
Ice text.
Glass text effect.
Bloody text.
Create realistic vampire fangs.
Create a Smoky Eye make up.
Changing Eye color and eye retouching.
change hair color.
Making dark and cold photo effect.
Creating ghost photo.
Drawing fake blood.
Create forum signature in photoshop.

Bloody text.

Step 1

Open a new file and type some text in.
type text

Choose the Magic wand tooltext selection and select the text.
text selection

Step 2

Create 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.
blood spots

Step 3

Deselect 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.
lock transparensy

Choose a color for the blood, and go to Edit > Fill
Go to Image > Rotate canvas > 90CCW.

Step 4

To 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.
blending options

This is the final result.
blending options