Here's the setup I use in GIMP. This should work in Photoshop too, but I think there is an easier way in Photoshop.
I make the outline by clicking the "Path from Text" button in the text tool, and then click "Select > From Path". Next I use the "Select > Grow" operation. Being careful not to unselect anything, I make a new layer below the text and use the fillcan to fill the selection with white. Now you have you basic outlined text.
Making the highlight involves some knowledge of layer masks. I make the highlight shape (in this case a basic ellipse) and fill it with white (if you want to get really fancy you can use a gradient), then turn down the opacity. Next I add a black (fully transparent) mask to the layer. Copy the outline layer, select the highlight layer mask and then paste. Click the anchor button to put the pasted layer into the mask. Now the highlight should only show up where the text is.
