How to apply effects to UI Text in Unity 4.6

I want to implement an outer glow effect to my 2D UI Text elements in my UI. I couldn’t find any resources on how to do this. I noticed that there are some built in effects (shadow/outline) which come included in 4.6 and work with UI Text. I am wondering how these are implemented and whether it would be possible to do something similar for an outer glow effect.

Yes you can. You need to learn how to write a shader or hire some else who knows how to write a shader. Create a new material and choose that shader. Then put the material in the Material slot of the Text property. I personally don’t know how to write a shader but the only of way of doing this is to write a 2D shader with SpriteRenderer.