I should have named this tip Eclipse instead of glow. I tried making an effect similer to that of the Eyecandy filter. Although I believe this creates a cleaner effect.

Start with a new image and fill with your background color
Create a new layer and use the Type Mask toolto enter your text.

Use Select>>Modify>>Expand to expand the Type Mask

Now feather the selection Select>>Feather, I used 4 for the example.
Fill the sellection with whatever color you want to be the glow.

Now that you have your glow use the Type tool in Layers mode and
enter your text again using any color.

And there you have it. Now you can understand why I wanted to rename the effect. Play with the Expand, and Feather settings to create the effect your looking for. But above all, have fun...