Double clic on the text layer to open the Layer Styles. Use Bevel & Emboss and Stroke
and set these settings:
Now you have something like this:
Create a New Layer, double clic on it to open the Layer Styles. Add inner Glow and Bevel and Emboss:
Next Grab Brush Tool and use a 6 - 10 px Hard Airbrush to draw the snow. Make sure you have white foreground color. There you have, the Snow Text Effect. I also added a little shadow.
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