Wood Engraved Text
Open a new document 350 X 200 with a transparent background.
Draw out a rounded rectangle by clicking on the Rectangle tool
to drop down the menu options:

Click on the Paint Bucket tool
and on your properties palette select pattern fill and select one of the wood patterns and a stroke of none
:

Once you have drawn it out on the canvas look at the properties panel and it will show what size it is. Type in the size 300 X 150 as shown below:
Select the rectangle on the canvas the click the filter option button
on the properties palette and select Inner Bevel with these settings:
| Bevel Edge Shape: Flat Width: 5 Contrast: 100% Softness: 0 Angle: 135 Button Preset: Raised |
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To give the wood a richer look we will change the Hue/Contrast settings of the pattern. You can play around with this to get the look that you want. Select Filters > Adjust Color > Hue/Saturation and when prompted that it will convert vector to bitmap click OK:

Set the settings to:

Click Ok to apply the settings.
Now for the text. Create a new layer above the rectangle. If the layers panel is not open, click Windows > Layers to open the Layer dialog box. Click the folder at the bottom of the box to insert a layer
above the background layer.
Like most text effects the font you choose makes all of the difference. Text tool
on the tools palette. I used Stencil, size 78. Click on the canvas to set the text options on the properties panel. Set the fill to none and stroke color to a dark to medium brown (#663300):

Click on the canvas and type some text. I typed WOOD. Once you have the text on the rectangle you want to set the horizontal alignment so that the text stretches out over the rectangle. Set the horizontal alignment to 123% on the properties panel.
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The stroke settings are the most important step for this particular effect. Option the Stroke options by clicking on the stroke button on the tools palette then click Stroke Options:

Set the settings to the following at the Stroke Options dialog box:
The stroke I changed to black because it gives it a more engraving look. Set the rest of the settings as shown above. Here is what you should have so far:
Now we need to apply a inner bevel to the text so that is actually looks like it is burnt into the wood. Click the Filters button on the properties panel and select Inner Bevel with the following settings:
Now apply another Inner Bevel with the same settings shown above but change the angle from 135 to 303.
The final step is to make the actual rectangle look like real wood. We are going to create another rectangle the same size as the original but put a black white linear gradient on it and set the blend mode of the layer to make it appear to be varnished wood.
Go back to the layer that has the background/rectangle in it and select the rectangle. Draw out a new rectangle over this the same size as the first 300 X 150. Click the fill options on the Properties panel and select Gradient > Linear:
Click on the fill button on the tool panel to open the Fill Options dialog box and select the Black White preset:

You should now have something that look like this:
This sure doesn't look like much. Next you will need to set the blend mode on the layers palette to Screen mode. Make sure you are still on the black and white triangle on the layers palette:
Adjust the fill by clicking on the black point highlighted below until you get the effect you want. This is my finished product: