In this thoroughly explained, detailed lesson, I will show you how to engrave any type in the Wall.
Step 1First, save the photo below which we'll use for this lesson.

Step 2Open now the photo that you just saved in the previous step into a flash stage.
Step 3Hit right click on background layer and choose duplicate layer. See the picture below!

Step 4Select the Horizontal Type Tool (T), choose any font large dimension and type something on the wall. For this example, I have typed The Wall. See the picture below!
Step 5Hide your text layer.
Step 6Hold down Ctrl key and click on text layer to select it.
Step 7In layers palette, select your copy of background layer.

After that, press Shift+Ctrl+I on the keyboard, and then Backspace key.
Step 8Press Ctrl+D on the keyboard to deselect.
Step 9While your background copy layer is still selected, click on Add a layer style icon and choose Inner Shadow. See the picture below.
Step 10After that, set the options from the picture below.
Step 11Then, select Bevel and Emboss Style, and set the options from the picture below.

Step 12
After that in Layer Style choose Color Overlay and set the options from the picture below.

Then, press ok.
Step 13Press Ctrl+L on the Keyboard to open the Levels window and then, set the options from the picture below and press ok.

Finally, our work looks like this:

Have a nice day!