Not sure, but ...
Letters in red - do you know which fonts giving such effect?
Google "grunge fonts". There are lots out there like that.
For white border - how to create this effect, it looks like it is cut out from paper and then hanging over another text. is it 2 layers?
No, in Ps, type your text, then in the layer palette, click fx, and set a drop shadow, and then an outer glow (with a large spread and size).