Start a new document 600x400. with Black background.

Use the type tool to create your text in white.

Now apply the following layer styles to the text.

Drop Shadow

Inner Shadow

Color Overlay

-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.

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.