There's lots of ways to do this. I like this method because its flexible and easy if you want to edit when you're done.
Make a new document (200 x 200). Fill the background in with a medium color, I used Pink.
Select the Type Mask Tool and click in your work area to bring up the text editor. You can use all different sizes of text with this tip, But for this tutorial make a big enough letter so you can see how it all works, Then click OK. Center your text in the work area, Make a new layer, Save your selection Select>Save Selection. Click OK. Now feather Select>Feather by 2-3 pixels.
Move the selection 2 pixels down and 2 pixels to the right with the arrow keys on the keyboard. Now Fill with 100% white Edit>Fill. Now move your selection up 4 pixels and to the left 4 pixels. Each time you push the arrow key it moves only one pixel. Ok fill it with 100% black.
Load your selection (Alpha 1). Make a new layer, Now fill it with the same color you used for the background. Deselect Select>Deselect.
You are finished.
Another Option.
Sense we made a 2nd layer for our text, You can change the letter color with the hue.
While layer 2 is still active, Go to Image>Adjust>Hue/Saturation. By moving the top fader (HUE) you can easily change the color.