Here's a nice "slick" plastic wrap effect for your text!

1. First you'll want a pretty good font size for the effect to look right. I have mine at 66. I also decreased the spacing (or Kerning) between the letters by -20. I filled the text with a Linear Gradient (#CCCCCC to #FFFFFF).

2. Next add a Black Stroke to the text. You can see the settings below...

Here's a screen shot of the Linear Fill direction and placement.

3. Next, use the Alien Skin Splat! Edges Filter. Of course, you may need to adjust the settings to get your text looking just right.

4. Finally add a Drop Shadow:

Believe it or not - we're done!