Well be making this:
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Step 1:
Open a new document, 200x200, white background.
Step 2:
Paste in your render or text. In my case ill put "Insane".
Step 3:
Layer>>Image to Layer Size
Step 4:
Layer>>Transparency>>Alpha to Selection
Step 5:
Create a New Layer and insert it under your text/render.
Step 6:
Select>>Grow
Step 7:
Select your Foreground color(in my case
RED).
Step 8:
Hit CTRL+comma on your keyboard, or go to Select>>Fill with Foreground Color.
Step 9:
Select your Layer under the text.
Filters>>Blur>>Gaussian Blur
Complete Project: