Step 1: Create a new 800x800 pixels document. Go to Filter > Noise > Add Noise and use your default settings (Amount 400; Distribution: Uniform)

Step 2: Go to Filter > Blur > Radial Blur and use these settings

Press Ctrl-F to repeat this effect

Step 3: Go to Filter > Stylize > Glowing Edges and use these settings

After this step, we will get:

Step 4: Our image looks rather rough, so go to Filter > Blur > Radial Blur and use your default settings again to make it smoother

Step 5: Copy your background by simply pressing Ctrl-J. Now you will have two layers (one is named Layer 1 and another is your background). Change the Blending Mode of your Layer 1 to Screen

Press Ctrl-E to merge down your Layer 1 with the Background

Step 6: Right click on the Horizontal Type Tool and choose Horizontal Type Mask Tool, type anything you want

By doing this, your text will become a selection region

(After typing your text, you should choose the Move Tool to get out the Type Tool). After this step, you will get

Step 7: Now choose the Rectangular Marquee Tool(M), click on Subtraction from Selection option and set Feather to 30px.

Drag a selection region like this

After release the mouse, you will see only the upper part is being selecting

Step 8: Select the Gradient Tool(G) with Spectrum and Radial Gradient options

draw a line from the top-left to the bottom-right of your text

and we get:

Press Ctrl-D to deselect your text

Step 9: We will add some effects to our text, so double click on the Layer 1 to open up the Layer Style dialog box. Use these settings:

    + Drop Shadow:

    + Outer Glow:

Finished! And here is the final result:

You can try to use other gradient types and effects, reduce the text layer's opacity...