Step 1:  Create a new image with square dimensions ( I used 800x800px ) with a black background, use "Honrizontal Type Tool (T)"  to type anything you want

 Step 2: Now press Ctrl-J four times to create 4 duplicate layers. After this step, we will have 5 layers and a black background

 Step 3: Select Filter > Distort > Ripple and apply these settings (we are on "small tutorials copy 4" layer):

 Step 4: Press Ctrl-F two times to make our effect stronger

 Step 5: Select Image >Rotate Canvas > 90^o CW, click on "small tutorials copy 3" layer and press Ctrl-F three times

 Step 6:Continue to select Image >Rotate Canvas > 90^o CW, click on "small tutorials copy 2" layer and press Ctrl-F three times

 Step 7: Continue to select Image >Rotate Canvas > 90^o CW, click on "small tutorials copy" layer and press Ctrl-F three times (boring huh ?)

 Step 8: Now select Image > Rotate Canvas > 90^o CW to rotate out image to normal position

 Step 9: Merge all "copy" layers and background by holding down Ctrl and click on these layers. Right click on one of these layers and select "Merge Layers"

 Step 10: Press Ctrl-U to open "Hue/Saturation" dialog box, apply these settings ( remember to click on "Colorize" check box):

 Step 11: Press Ctrl-B to open "Color Balance" dialog box, applay these settings to all "Shadows", "Midtones", "Highlights" options

 Result !!!