I had a look at the download, the words are not text, the layer is rasterized. Go into the Layer Style dialog for the ".psd" layer (Layer 2) and save the layer style by clicking the New Style button. You can now apply that layer style to a new text layer that you create. (Hide the ".psd" layer). You may have to modify Layer 3 by painting onto it with a very soft brush at low flow rate (like 3%) to get the multicolour effect.
Example:
Mike