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a. Hide you delete your original text layer then hold Ctrl and click on the layer you just stroked on to load its selection.
b. Make a new layer then go to Edit>Stroke...

use these settings
c. Now hide the layer that you had previously loaded the selection of by clicking on the little eye next to it in the layers palette.
Pretty cool effect in my opinion. I had never used the Paths Palette before today. It's always exciting to learn another aspect of a program I know so well. This is a pretty simple effect but It could have some pretty interesting uses I think. Here is one I came up with:

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