Use the type tool to create your text in white.

Now apply the following layer styles to the text.



-Now duplicate the text layer (right click on the layer->Duplicate layer),
-hide the top layer.
-select the bottom text layer as the working layer.

Now go to Layer->Merge Visible.

Now go to Filter->Distort->Polar Coordinates: Select Polar to Rectangular

- Now go to image->rotate canvas->90CW.
- Filter->Stylize->Wind: Method: Wind. Direction: From the Right.
Press CTRL+F 2 more times to reapply the filter.
- Filter->Stylize->Wind: Method: Wind. Direction: From the LEFT.
Press CTRL+F 1 more time to reapply the filter.

Now rotate the image back: Image->Rotate Canvas->90CCW
- Filter->Distort->Polar Coordinates: Options: Rectangular to Polar

Now use the elliptical marquee tool to make an oval selection, just inside the edge of the white blast.

Then go to SELECT->INVERSE, then SELECT->FEATHER, enter amount as 20px.
Now Filter->Blur->Radial Blur: Blur Method: Zoom. Quality: Best. Amount: 40

Now CTRL+D to deselect.
Now create a new Color Balance adjustment layer above this effects layer.


Double click on the color balance layer icon to adjust the colors.

- Enable/show the original text layer. (clicking on the eye icon.)
- Create a new layer
- Link the new layer and the original layer together.
- Then go to Layer->Merge Linked.
Now just change the blending mode of the top layer. You might like 1 mode better than the other. Here's what I set.
Blending mode: Overlay

Blending mode: Multiply
This one I added a new layer with some Filter->Noise->Add Noise, then set the blending mode to Darken.







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