- Start a new document about 600x600 and fill the background with BLACK.
- Use the type tool to create your text in white. Make it big and space widely spaced apart
- Then go to Layer » Flattern Image.

- Now go to Filter » Stylize » wind ( Method: Wind. Direction: From the left)
- Press CTRL+F to reapply the filter.

- Now go to Filter » Stylize » wind ( Method: Wind. Direction: From the right)
- Press CTRL+F to reapply the filter.

- Press D to set your colors to black and white.

- Go to Filter » Render » Difference Clouds.

- Then use the type tool again, and create another WHITE text exact same size as the original, and place it over the original, covering it, then set its opacity to 60%. This will make your text whiter if it was darken by the difference clouds filter.

Now flatten your image again. Layer » Flatten Image

- Go to Filter » Stylize » Extrude.

- Then Image » Adjustment » Invert

- Now go to Image » Adjustments » Color Balance

For each of the Tone Balance, set the following color levels.

- Midtones: [ +100 ] [ 0 ] [ -40 ]
- Shadows: [ +70 ] [ 0 ] [ -70 ]
- Highligts: [ +80 ] [ 0 ] [ -40 ]

You can use the above techniques to apply to random shapes and the result will be something like rocks sinking in lava instead of text. Thats what tutorials are about, you learn, and apply the technique your own way.