Create a new file 400 by 400 px and name it background-Go to edit fill and fill the background with "black"

Text- type your text -using "Impact" -I'm using" Victorian LET" remember to chnage your text color to white

Now go to Layer-Rasterize-Type - Duplicate the rasterize text.and hide it by removing the eye -Ok your top layer should be hiden. now go back to the second layer and merge it with your background layer.

Rotation- Now rotate the canvas-GO to image-rotate canvas 90 CW. and add wind effect to the text-by Filter-stylize-wind - check on wind and from the right

Once you have completed that filter-do the same filter once more.

Now again we need to apply the filter effect, this time. instead of (from the right) check on from the left repeat step once more.

You should come out with this same effect.

Now rotate your image back to its orginal position-and apply the same effect..Filter-stylize-wind-from the right click ok and do it again from the left

Continued

Now go to filter-distort-ripple--set amount to 100% -size-Medium, Ok-Adding color -go-image-adjustment- Hue/Saturation.

In the colorize box-Hue 240/sat 25/light/0-

Now make your-invisible layer visible.-Right click on the layer and select-layer transparency/

Select-modify-contract by 2px-edit-fill-color black-select deselect layer.

and you should get this result

Good luck....