Step 2: Go to Image > Rotate Canvas > Arbitrary and rotate your text 45^oCW

 Step 3: Double your text layer (by pressing Ctrl-J) and go to Filter > Blur > Motion Blur (if a dialog box appears, asking to "rasterize" your text layer, just click OK). Use these settings:

 Step 4: Go to Filter > Stylize > Wind, select From the Left direction

Step 5: Press Ctrl-F to repeat this effect. Go to Filter > Stylize > Wind again, but this time we select From the Right option. Press Ctrl-F to make it stronger. Now we get:

 Step 6: Now, in the Layers tab, hold down Ctrl and click on the top and bottom layers to select them. Right click on one of them and select Merge Layers

 Step 7: Go to Filter > Distort > Ocean Ripple and use the default settings, click OK to apply. Now, rotate our image to normal position by going to Image > Rotate Canvas > Arbitrary and rotate an angle of 45^oCCW Our image will look like this:

Step 8: Double click on our text layer (named Design or something you had typed) to open the Layer Style dialog box. In the Blending Options, reduce the Opacity of your text layer to 70%

Use these effects:

    + Inner Shadow:

    + Outer Glow:

     +  Bevel and Emboss:

    + Satin:

Step 9: Press Ctrl-U to open the Hue/Saturation dialog box. Use these settings:

Tutorial finished! Here is the result:

******************************************************************************************* 

---