1
Create your text using the Type Tool.

2
Go Select > Load Selection...
Just hit OK, and it will select the outline of the text.

3
Then Select > Modify > Expand...
Change this to the value you want the outline to go outside of the text.

4
Create a new Layer under the text layer.

5
Fill the selection on the new layer with the foreground color. (ALT-Backspace)

6 Select > Modify > Contract... the selection about 1/2 of what you expanded it, and delete that part of the layer. (DEL) Check on 'Preserve Transparency' on the layers window, and give it a nice gradient.