Layer masks or punch through text?

[designlife]

Really like this effect for a band I'm working with. How is this achieved? This is the only image I could find that truly represents what I'm going for. Tried a few tuts but nothing is getting me there.

Appreciate your insight! Thanks,

 

[thebestcpu]

I think your question belongs in the general forum yet will let the admins move it as appropriate.
This is a common technique that can be achieved as:
1) Create layer with the Text
2) Next Layer up have the image you want to punch through
3) Right click on the image Layer and use the option "Create Clipping Mask:

I think that should do it for you.

 

[polarwoc]

3) Right click on the image Layer and use the option "Create Clipping Mask:

Also, there seems to be a blur on the Binary Rain image
4) apply a radial blur on the image.