1. Start creating a new RGB image. I used the dimensions of 288x288 in the example.

Then create some text by using the Type Tool. Try using bigger fonts for it to look different and to stand out.

2. Next Ctrl click on the text layer to select it.
Create new layer. Make sure the new layer is below the original layer.

Click Select>Modify>Expand

Select the number of pixels that you want your outline to be.
I chose 2 pixels in the example. Dont make it really big.

3. Choose the color you want your outline to be.

Press Alt + Backspace to fill the selection.

4. You are almost done. Now for the final touches you can add some layer efffects. A little bit of outer glow will do it.

The settings I have used for outer glow are :

Blend Mode: Normal
Spread: 3
Size: 8