Набросок
<style>
div {
position:absolute;
left:100px;
top:40px; }
.shadowtext {
text-shadow: 8px 8px 16px black; /* Параметры тени */
color: lightblue; /* цвет текста */
font-size: 80px; /* Размер надписи */
}
</style>
<div>
<span class="shadowtext">T</span>
<span class="shadowtext">e</span>
<span class="shadowtext">s</span>
<span class="shadowtext">t</span>
<span class="shadowtext"> </span>
<span class="shadowtext">s</span>
<span class="shadowtext">h</span>
<span class="shadowtext">a</span>
<span class="shadowtext">d</span>
<span class="shadowtext">o</span>
<span class="shadowtext">w</span>
</div>
<script>
var text = document.querySelectorAll(".shadowtext");
window.onmousemove = function(e) {
for(var i = 0; i < text.length; i++) {
var box = text[i].getBoundingClientRect();
var x = box.left + (box.right - box.left) / 2 - e.clientX,
y = box.top + (box.bottom - box.top) / 2 - e.clientY;
text[i].style.textShadow = x/10 + "px " + y/10 + "px " + (5 + (Math.abs(x) + Math.abs(y))/40) + "px black";
}
}
</script>