1. The document provides instructions for creating a water-like text effect in Photoshop using layers, channels, and filters.
2. Key steps include typing or drawing on an alpha channel, blurring the channel, loading it as a texture, and applying effects like drop shadow, glow, and bevel & emboss to make the text appear as if written in water.
3. Settings are provided as examples, but the instructions emphasize experimenting with different options to achieve a realistic water texture effect.