1) Create a new RGB image then create some text by using Type Tool.
2) Next, ctrl+click on the text layer, then create a new layer by click
. Click and drag the NEW LAYER below your original TEXT LAYER.
Now go to Select > Modify > Expand and choose number of pixels
that you want your outline to be. I used 3. (fig1)
Fig 1
3) Now choose the color for the outline, then hit Alt+backspace
to fill the selection. (fig2). Ctrl+D
to deselect it. That's it.
Fig 2
4) Or you may want to make your text a little bit cooler by give a gradient
effect on the text. Before you do this, you need to render the
ORIGINAL TEXT LAYER. Click the original TEXT LAYER then go to Layer
> Type > Render layer. Now ctrl+click the original TEXT
LAYER and give a gradient effect by click on the gradient tools 
. (fig3)
fig 3
Hope it helps :)