Realize an ice effect on the text - Photoshop 7
On a new image, write your text in black. Merge Layers (Ctrl + E).
Crystallize the text (via Filter / Pixelate / Crystallize, Grade 3)
Invert color (Ctrl + I)
Turn the image 90 degrees CW
Apply the filter blowing down the text: Aesthetics / Wind / Wind clockwise
Double by Ctrl + F if you want larger stalactites.
Tip: You can stalagmites by reversing the direction of the wind.
Replace the image location
Sharpen via Filter / Edges / Accented Edges (thickness: 1, Brightness: 27 Smoothness: 2)
Make sure you are in RGB mode, and reset the shade: Image / Adjustments / Hue / Saturation. Check redefine, with values: Hue 200, Saturation and Lightness -10 50