Step 1 Create a new document. Type your text and center it. White on Black.
Step 2 Use Filter --> Distort --> Polar Coordinates and choose Polar to Rectangular.  Merge the text layer with the white background (CTRL-E) Step 3 Apply Filter --> Stylize --> Wind. Twice from the right and twice from the left.  Step 4 Rotate the canvas by 90� counter clockwise (Image --> Rotate Canvas --> 90� CCW) Apply Wind two times again.  Step 5 Rotate the canvas back. Use Polar Coordinates again (Rectangular to Polar this time)  Step 5 Create an adjustment layer. Layer --> New Adjustment Layer --> Hue/Satuaration Hit CTRL-U and choose a red. Duplicate the adjustment layer and choose a yellow for the new adjutment layer. Set it's Blend Mode to Color Dodge. You're done!
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