Open a new document, about the same size as I used (The size doesn't really matter) and put in some text like this:
Now, hold the CTRL key and click on the text layer like this:
The text should now be selected like this:
Create a new layer and make sure it's above the text layer.
Press D to make sure the default colors are selected (black and white).
Add the following filters:
Filter -> Render -> Clouds
Filter -> Noise -> Add Noice... (Amount: 15, Distribution: Gaussian, Monochromatic: checked)
Filter -> Blur -> Motion Blur... (Angle: 0, Distance: 15 pixels)
Your image should now look like this:
Now, right-click on the text layer and go to blending options and apply these settings:
And now, the final touch:
Select the top layer and det the blend mode to "Color Dodge":
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