Use Type Mask Tool to create text.
One one layer, fill the selection with black to create the shadow
One the top layer, fill with color, texture or pattern and
apply Layer styles: bevel / emboss and inner glow
On the shadow layer, use the free transform tool to shape the shadows and a layer mask
with gradient fill to soften and blur the shadow as it receeds into the distance.
Cloud background layer also has a layer mask with gradient fill to fade the effect at bottom.