Start a new document and fill the background with black.

Im using a dark black to blue gradient.

Use the type tool to create your text in white. Then CTRL+CLICK on your text layer to make a selection of the text.

Press CTRL+D to reset your colors to black and white.

Now Create a new layer, then go to Filter->Render->Clouds.
Press CTRL+F once to reapply the filter.

Now HIDE the original text layer so you only have the new clouds layer showing.

Press CTRL+D to deselect.

Now go to Filter->Sharpen->Unsharp Mask.

Amount->500%. Radius: 4px. Threshold: 8 levels

Now go to Filter->Stylize->Wind
Method: Wind. Direction: from the right

Now do the above again, this time Direction from the left.

Now CTRL+CLICK on the original text layer to load the original text's selection.(the one that is hidden. just ctrl+click it, do not show it).

Now go to Select->Modify->Contract. Enter 5 pixel.(this depends on how big your text is, for the size im using here, i need 5 pixels).

Now go to Select->Feather enter 3 pixels.

Then go to Select->Inverse

Now go to Filter->Stylize->wind
Method: Stagger. Direction: From the Right

Repeat the above step, but this time, direction: From the Left.

Now go to Filter->Distort->Twirl.
Set angle to around 350 (or any amount to your liking).

Now CTRL+D to deselect.

Now to add some colors to your image, just go to Image->Adjustments->Color Balance. and play around with the sliders on different Tone Balance.

Another thing you can do is Show the original text layer and set its blending mode to Exclusion, and move it on top of the effects layer.

Here is mine, also after changing the background color.

Here is another version after adding some drop shadow to the effects layer:

DOWNLOAD PSD FILE