Step 1 New Document
First of all open up a new document around the size 500 x 500 and fill with a radial gradient from #102f40 to black (#000000) so you are left with something like below:

[ Register or Signin to view external links. ]

Step 2 Add The Text
For this tutorial I am just doing a single letter so I can show you the techniques, but this can be applied to any letter of the alphabet, therefore I am going to use the letter P so simply pick the colour that you want the paint to be and write your text in that colour:

[ Register or Signin to view external links. ]

Step 3 Add The Splodge
Now you can draw the paint splodge simply pick up the pen tool and draw what resembles a splodge of paint, not every splodge will look the same so just experiment and play around until you get something you are happy with (make sure it is filled with the same colour as the letter), when done you should have something similar to below (can be used as a reference)

[ Register or Signin to view external links. ]

Step 4 Add Blending Options To Both
We shall add blending options to the text first so double click the layer in the layers tab which will bring up the blending options menu, when this is open use the settings as shown below:

Bevel And Emboss:

[ Register or Signin to view external links. ]

With this applied right click on the Text layer and choose Copy Layer Style and then right click on the Splodge layer and choose Paste Layer Style as shown below:

[ Register or Signin to view external links. ]

This will simply copy and paste the blending options to the splodge shape when this is done you will have some text and a splodge that resembles that shown below:

[ Register or Signin to view external links. ]

Step 5 Positioning And Adding Details
Now you need to position the splodge so that it looks like it is part of the text so just simply play around with moving it around until you get something you are happy with:

[ Register or Signin to view external links. ]

Result

[ Register or Signin to view external links. ]