I've seen this technique all around the blogworld over the last while, and finally gave it a try. I am teaching an ink blending class this week, so I had the cardstock piece ready to go - I just sprinkled some water on it, and die cut the hello. I cut 3 additional hello's out of white cardstock and stacked them underneath the ink blended die cut, for the subtle, raised effect. I'm pretty happy with how this turned out!
Inks used: Wild Honey, Spiced Marmalade, Worn Lipstick & Candied Apple Distress Oxide inks; Versafine Onyx Black for sentiment. Hello die is Avery Elle; Hemstitched Rectangle die is Spellbinders.