Final result!

Hey Guys! Ready for some yummy plastic text? This effect is made using lightning effects, the plastic wrap filter and layer styles, and I think it looks really smooth.
Hmm - suddenly I got the urge for some bubble gum :)

Start by opening a new image (mine is 500 x 170 pixels) and select the Type Tool and type the desired word. Be sure you use large letters for the effect to turn out right - you can always minimize it later... (Font used: Yellow Submarine - 200 pt)

Select the text by hitting Ctrl + left clicking the text layer.
Create a new layer (call it text) - select the Paintbucket Tool and fill the selection with a light blue color (I used font color #6897BB).
Hide the original text layer.

Keep your selection and go to Channels.

Now click the "Save selection as channel" button, and then drag the Alpha 1 layer down to the Create new layer tab to duplicate it.

Now we have to blur things up a bit.
Still at the Alpha 1 copy layer go to:
Filter - Blur - Gaussian Blur - 8 pixels
Filter - Blur - Gaussian Blur - 6 pixels
Filter - Blur - Gaussian Blur - 3 pixels
Filter - Blur - Gaussian Blur - 1 pixels

Now go back to Layers.
PS! Still keep your selection!

Fig. 4

Select the layer called "text" and go to Filter - Render - Lightning effects - and use the setting shown in fig. 4.

Still keep your selection and go to
Filter - Blur - Gaussian Blur - 1 pixel.

Select - Modify - Contract - 1 pixel.
Then hit Ctrl + Shift + I to invert the selection and hit Delete to get nice clean edges.

Now it's time to deselect (Ctrl + D).

Now drag this layer down to the Create a new layer tab to duplicate it. Call this layer Plastic wrap.

Now go to Filter - Artistic - Plastic Wrap and enter the values shown in figure 6.

Now duplicate this layer.

On the Plastic Wrap copy layer change the layer mode from Normal to Overlay.

Go back to the Plastic Wrap layer and add a nice drop shadow with the values shown in fig. 7.

Your image should now look like final result image at the top of the page.

Want more?
Want really shiny plastic?

Well - keep on reading...
We're just a few steps away from getting the result shown in figure 8.