Help
Here's what you do.
1: Start out with a black, 640x480 canvas. Type your text in white with a big, heavy font. Make sure to keep some space beside it, and above and below it. Use a smaller size if necessary. The font I recommend is Arial Black.
2: Duplicate the text layer. Gaussian Blur the Bottom text layer by 10 each. Set the color of the text on the top text layer to black. Go to layer > Colors > Levels and apply these settings:
You should now have this:
3: Duplicate the layer.
4: Go to Filters > Distorts > Polar Coords and apply these settings:
5: Rotate the Canvas 90 Degrees Clockwise.
6: Invert black and white. Layer > Colors > Invert.
7: Apply Wind Filter from the right
8: Repeat the Filter 2 Times.
You should now have this.
9: Invert black and white. Layer > Colors > Invert.
10: Apply Levels with the same settings as the last time.
11: Rotate the Canvas 90 Degrees Counterclockwise.
12: Go to Filters > Distorts > Polar Coords, this time check "To Polar."
You will now have this:
13: Set the top layer's mode to "Screen."
You will now have this.
14: Crop the layer so you eliminate as much surrounding black space but keeping the text and streaks, like the example shown below.
15: Create a new layer
16: A: Drag a color gradient through the layer or B: Fill with color of your choice. I used a blue and green gradient.
17: Merge Visible Layers.
Woo Hoo! We're done!
Finished Product:
