The jelly-type effects are extremely impressive and are three-dimensional if the filter Un-sharp Mask (select from the menu Sharpen Filter). Yes, try the following values and run the filter twice:
Amount: 150%, Radius: 1 and Threshold: 7.
There is another way as well for achieving this:
You can use Adobe Illustrator (or Freehand, or CorelDRAW) to put your text on a path and then …

Filters which fix or enhance your images are known as corrective filters. Filters like Sharpen, Blur, Noise and Average are some examples of corrective filters. The corrective filters are much less than the destructive filters as the scope is smaller, but they are used more because they represent the functions more likely to be used in day-to-day situations.

Average: A very handy …