Yeah...a couple of ways.
First, create a new layer with just the text on it. Use the magic wand and tell it to add to selection. Click inside until the letters are all surrounded with the dancing ants...then, make sure your foregroudn color is what you want the stroke to be. Click Edit>Stroke Selection, make a 1 or 2 pt line and then click ok.
Or, create a new layer with just the text on it. Click anything that's not the text with the magic wand. Then, click Select>Invert. Then Edit>Stroke Selection...etc...it may miss a couple of places though (like the insides of o's and b's) so you may have to do it the other way