Ctrl+Click the layer thumbnail to get the selection. Press Q to enable quick mask. From filter menu select "Artistic>>Sponge". Apply settings as shown.
Press Q again to disable quick mask. Create a new layer and fill the selection with black color.
Ctrl+Click the original layer thumbnail to get the selection. Press Ctrl+Shift+I to inverse the selection. Press Delete.
Double click the layer to open layer style window. Apply settings as shown. Hide the original text layer.
