Hey Smidders, long time no see.
While I understand that Pauls suggested technique is the most commonly used, I noticed some problems when compared to the image you posted.
NOTE: You can also use a drop shadow in a layer style.
Here are the results of that technique.
But here are the problem areas I noticed that are not like the original image.
Here are the results of using an old extrusion method. Notice that it's very similar to the original.
Here's how it's done:
Step 1. Create your text layer. Color Pink.
Step 2. Use Command/Control + J to copy the text layer. Change it's color to Black. Move the layer below the Pink layer.
Step 3. Select/Highlight the Black layer. (Here's the fun part!) Hold down the Alt/Option + Command/Control keys, keep holding them down! Then press the down directional arrow key once, then press the right directional key once, then press the down directional arrow key once, then press the right directional key once.................continue doing this until the extrusion looks good to you.
NOTE: Each time you press the arrow keys, an new layer is created! What I usually do when I'm done, is I select the extrusion layers and merge them.
Good luck!