Choose DROP SHADOW in the flyaway menu shown below
and set the drop shadow settings as i have in my screenshot (click on it as its a large image it will open up then click back here to continue)
http://s111.photobucket.com/albums/n...t=Picture7.jpg
now we change the fill and opacity of the TEXT layer we just made
and there ya go you got your self a nice water mark
If you need more help just let me know ..