Create a new document. Black foreground, white background.

Goto the Layers Palette and create a new layer.

Create some type with the type tool.With the type still selected, cut (Cmd-X) it to the clipboard.
Select all (Cmd-A). Pressing the option key, hit the delete key.
This will fill the layer with solid black (the foreground color.)
Paste (Cmd-V) from the clipboard.
Defloat (Cmd-J) the selection and hit the delete key.
Deselect (Cmd-D).
Duplicate the layer.
Select the original layer in the Layers Palette.
Apply the gaussian blur filter with a value of 5.
Using the move tool, move the layer down and to the right 5 pixels.
(press the 5 times and press 5 times.)
Set the layer's mode to multiply, and its opacity to 80%.
Select the top layer (the duplicated layer).
Check preserve transparency in the layers palette.
Paste in your top image, maybe a photo, or apply the clouds filter.
If needed, select background layer and paste in what will be seen through the cutout.

-Bonus-
From the Select menu, choose Load Selection.
Select Layer 1 Transperency, and check the Invert box.
While holding the Command and the Option keys,
press and then just hit the delete key.