Start a new document and fill the background with a color of your choice. This works best on dark colored backgrounds. Im using a gradient of dark red to black.

Now use the type tool to create your text.

Now apply the following layer styles (Layer » Layer Styles- » )

- Drop Shadow
- Inner Shadow
- Gradient Overlay
- Stroke

THen flatten this image: Layer » Flatten Image

Now you should have this:

Now go to Filter » Artistic » Plastic Wrap. Apply:
Highlight Strength: 10
Detail: 15
Smoothness: 6

Now use the type tool and create the same text and same size and place it over your words.

CTRL+Click on the new text layer to load the selection, then HIDE this new text layer and choose the bottom layer as the working layer.

Now go to Filter » Blur » Guassian Blur: 2.5px.

Now go to Select » Feather: 2px

Now go to Filter » Sharpen » Sharpen: do this 5 or 6 times

Then go to Filter » Stylize » Wind: Method: Wind. Direction: From the right

Now go to select » inverse

Then go to Filter » Distort » Ocean Ripple: Ripple Size: 5. Ripple Magintude: 10

Now just CTRL+D to deselect

Now here is my final: (DOWNLOAD PSD FILE)