Tutorial: How To Create Extreme Bloody Text
Open up a new document and add your desired text in white;
Add these blending-options to the text;
It will look like this;
Then grab some decent blood-brushes. You can find some at Deviant-Art
Change the blending-mode to multiply.
Then, while pressing CTRL, click on the text layer, and then, choose the blood layer, then select inverse, and press delete.