Stretched Spray Pattern
I used the spray can for this one too. I sprayed a few colours, then selected the sprayed area, grabbed it by one corner and stretched until I had the width I wanted. I stretched it down a bit as well until I had the necessary height. Each pixel of colour became a block.
Add an Outline
Since this font has lots of straight lines, I thought it'd be fairly easy to give it an outline. With curves you have to proceed pixel by pixel, but this took hardly any time. I used the line tool set on two pixels so that the outline would show up. The result is a bit jaggy, though.
Change the Colours
I thought that this was an interesting font and wanted to play a bit more, so I put a strong blue onto my right mouse button, kept red on the left one, clicked the eraser tool and rubbed around the edge of each letter with the right button depressed.