Classic Photoshop Effects 14 - Carving

For this effect, I decided to carve some soap.  Here is the original image:

I pulled this off of Google images.  I decided to envision what would happen if I started making soap for a living (click on the image for full size):

The soap was etched by adding a inner shadow to the text, and stroking a white outline to the text layer.  This gives the illusion of it being inset.  I then removed the “fill” of the text, leaving only the background color.

Anybody want to buy some soap?