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Program used : Photoshop CS2
Translatable : YES
Psd : YES
This is the base:-

1) Use this texture made by me and set it to Lighten 50%
2) Using a basic soft brush at 100 pixels

3) Hue/Saturation layer and use these coordinates:-
Master Saturation +34
Reds Saturation +23
Yellows Saturation +34
Blues Saturation +23
4) Photo Filter layer
Warming Filter (LBA) at Density 25%
5) Color Fill layer #ffffff and set it to Soft Light 23%
6) Photo Filter layer
Sepia at Density 25%
7) Hue/Saturation layer with Saturation +23 in Master
8) Use this border texture made by me and adjust it.
The coloring is done :) The following is for the text ♥
Text:-
The font that I used is called Eight Fifteen. You can pick any font you want =) Be creative!
1) Write whatever you want and then go to Blending option > Outer Glow. Set it according to this to have the outer glow effect =]
2) For the stripes behind the writing, go to custom shape tool


3) Drag both of the layers to below the first hue/saturation layer.
And you're done! :D
Other examples:-



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