i would have either used actual text enlarged but hollow, or i would have used a marque tool to cut out the shapes, i would then have placed an image behind the text and cut out the bits unneeded or i would have put the text over the image first hand, then i would add the effects, for the hand i would have selected it, the copied it deleted the first on and put it behind the text layer....that's just me though.
How did you do it?
I used horizontal type mask tool and typed each letter over a different piece of the render at a time, I arranged and resized the letters, I added the render and erased the parts of his arm so that it looked as though it was behind the text,
I used drop shaddow and bevel emboss to get the shaddow effect.