Discovered this quite by accident, but I thought I'd share, in case anyone finds it as neat as I did.
in four easy steps
Step o1: Pick a typeface. I found a medium weight works best. Too thick reduces the effect, too thin makes it difficult to read. In this case, I used
Marcelle.
Step o2: Using #00ffff (your default cyan), type something!:
Step o3: Duplicate your text. Set to multiply. Change the font color to #ff0000.
Step o4: For this to work (you may have noticed, your text looks black currently) you will need to move the top text layer around a bit. How far is up to you.
tada!!
Experiment with typefaces! Have fun!