First of all, open a new document in grayscale mode (grey level). Type your text in white (the biggest possible) with a black background color. From the top layer press Ctrl+E to flatten the text and background in one layer.

Rotate the image 90° clockwise: Image> Rotate: 90 CW. Select: Filter> Stylize> Wind. Tick 'Wind' and 'From the right'. Go to: Filter> Stylize> Diffuse, with the default options on. Select Image> Rotate: 90 CCW.

Good, now go to: Filter> Blur> Gaussian Blur, with a Radius of 2.0 pixels.

Go to: Filter> Distort> Ripple, with the default options on.

Next, select: Image> Mode> Indexed Color, and then Image> Mode> Color Tables, choose 'Black Body'. If you have problems with colors, that means you did not start in Grayscale mode (Image> Mode Grayscale).