Open a new image:
4 x 2 inches
Image characteristics: Raster Layer
Color depth: 16 million
Set the foreground color to purple ( Red: 128 - Green: 128 - Blue: 255 or HTML: #8080ff) and fill color to null.
Now enter some text. I used a Rad Zad font found at this webpage. I set the font size to 28, bold, stroke size of 4. FYI: To save a font for use in PSP, right click, save font into a folder. Click on Start>Settings>Control Panel. Double click the font folder. You can File>Install new font, then navigate to the folder or simply copy the font from the folder and paste it into the font folder under Control Panel.
With the text still selected, resize it a little bit larger so that it will serve as an outline for the text we will insert later on.
Click Adjust || Blur || Blur. Then select Adjust Blur || Blur More two times.
Now select dark purple as your foreground color: (Red: 0 - Green: 0 - Blue: 64 or HTML: #000040) and leave fill color to null. Enter the same text again and move it so it superimposes the blurred text. The final image is shown above.