Start with a new 400x400 image. Choose a background that you want to make the rusty text on. For this tutorial I just used the action for rust that came standard with photoshop. If you don't see it in your actions look in your goodies folder in your photoshop directory. Once you have your background use the type tool and create your text. The color of the text does not matter, just make sure it is visible. Also make sure your text is where you want it to appear in your graphic. So move it to where it needs to be