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Effects > 3D Effects > Inner Bevel > these settings:

Click ok.

Effects > Plug-in Filters > Eye Candy 4000 > Melt > these settings:
(If you are using EC3 you will have to skip this step.)

Click ok.

Chose your mover tool and move your text down towards the bottom of the image area.

You are just itching to deselect huh?  Well you have to wait a little longer - leave it selected.

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