I have put together this mini tutorial for doing a letterpress effect, and what's really nice is that the text stays as editable text and this effect is editable! You can change the text and/or the font without losing the effect as long as you don't overflow the text box.
I have attached a png large enough for viewing on screen (just click the thumbnail then click the pop up) and a .xar file with the instructions and examples you can pull apart.
You should be able to do this in Designer Pro or Photo & Graphic Designer from version 6 and up.
Enjoy!
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