Photoshop... it has a glassy effect built into its layer styles or you could create your own. There are a lot of tutorials on the net covering this.
GIMP can do this. GIMP is just like photoshop although its developers swear up and down, it isn't. Oh, and GIMP is free. www.gimp.org
1) If you want it generated instantly, you should try www.flamingtext.com (they have a bunch of effects available to you) 2) If you want to do it by yourself, photoshop is the best program. I'd go through tutorials to get the best glassy effects though: http://www.good-tutorials.com/search/tutorials/all/glassy text?approved
From my humble opinion, Any graphic softwares can do such a task. All you have to know is how to do that for particular software you use. I use Either Adobe Illustrator or Photoshop and they all come in handy. The result is not depend on the software, but on how you utilize those softwares' features to create the desired effects... Hopefully this helps..