Create a new image with a your text/logo on a transparent layer. Leave about 50 pixels on each side. Background R0,G42,B100
Create a new channel. Create a horizontal line 2 pixels wide, and make a selection of 5 vertical pixels.
picture 8:1 zoom
Select Edit > Define pattern.
Create another channel, and select the fill tool. Fill Channel with Contents: Pattern
Make the Channel a selection by dragging it onto the circle selection icon.
Make a new layer ontop of your text. Fill the selection with Black. (Select Black as your foreground color and hit Alt-Backspace)
Deselect and Gaussian blur the lines layer 1 pixel. Set the opacity to 75%.
Create 2 duplicates of your text layer by dragging it onto the Create New Layer icon 2 times.
Gaussian Blur one of the new layers by 3 pixels, and Motion Blur the original layer about 36 pixels at 0 degrees.
(If you are using Photoshop 5 you may have to render the text layer before applying and filters.)