Create a New Document (Cmd-N). Make it 225 pixels x 100 pixels. Grayscale is faster than RGB. We'll switch to RGB later.
Select the Type Tool, and pick a heavy typeface. Type The Ice[return]Box. Set the type to 90 Point high with a leading of 80. Check Anti-Alias, Center justified and Click OK (or hit [enter] not [return.])

Cut the type to the clipboard [(Cmd-X Mac)(Ctrl-X PC)]
Paste it back [(Cmd-V Mac)(Ctrl-V PC)] and it will be automagically centered. Scoot it up a few pixels (press the up arrow about five times) to leave room for the icicles.

From the menu bar, Select>Inverse.
Filter>Pixelate>Crystallize. Use a value of 10 and click OK.

Select>Inverse.
Filter>Noise>Add Noise. Use a value of 70. Check Gaussian and click OK.

Filter>Blur>Gaussian Blur. Use a value of 2.0 and click OK.

Image>Adjust>Curve or [(Cmd-M Mac)(Ctrl-M PC)]

Select>None or [(Cmd-D Mac)(Ctrl-D PC)] to release the selection.
Invert the image using [(Cmd-I Mac)(Ctrl-I PC).]

Image>Rotate>90° CW.
Filter>Stylize><Wind. Select Method: Wind, Direction: Left and click OK.
Image>Rotate>90° CCW.

Adjust contrast to intensify icicles if needed.
Mode>RGB Color.
Image>Adjust>Hue/Saturation [(Cmd-U Mac)(Ctrl-U PC)] . Check Colorize and set Hue to -175. Then click OK.

You can add a little sparkle to your work by loading the "Custom Brushes Set" that came packaged with Photoshop.

---