Step 1: Reset your colours to default (press 'd'). Type some large font, larger than 72, Rasterize that layer by going under the Layer menu -> Rasterize -> Type.
Step 2: Select your layer, by holding Ctrl and clicking on the layer in the layer palette. Go to select -> save selection and click OK! (you must save it). Deselect by pressing Ctrl+D.
Step 3: Switch your foreground to white, by pressing x. Go to Edit -> Fill. In dialog box change mode to multiply click OK
Step 4: Go to Filter -> Blur -> Gaussian Blur. Enter 2.5 pixels and click OK. Filter -> Stylize -> Solarize. Press Shift+Ctrl+L to run auto-levels.
Step 5: Make a copy of the current layer by dragging it to the new layer icon in the layer palette. Filter -> Distort -> Polar Co-ordinates. Choose Polar to Rectangular. Image -> Rotate Canvas -> 90*CW. Press Ctrl+I.
Step 6: Filter -> Stylize -> Wind. Chose wind for method and "from the right" for direction click OK. Run this 2 more times by pressing Ctrl+F twice. Ctrl+I to invert the image again. Shift+Ctrl+L to run auto levels. Press Ctrl+F 3 times to run wind filter. Image -> Rotate Canvas -> 90*CCW. Filter -> Distort -> Polar Co-ordinates. Chose "rectangular to polar" click OK. Change the layer blend mode from Normal to Screen.
Step 7: Create a blank layer click on Gradient Tool, choose Violet to Orange gradient, drag it through the new layer. Change blend mode to color and press Ctrl+I to invert the colours. In the layers palette click on your type copy, should be the one right under the one you are on. Go to Filter -> Blur -> Radial Blur. Choose Zoom for blur method and change the amount to 66 click OK
Step 8: Click on your ORIGINAL type layer. Select -> Load selection. In dialog box choose Alpha1 from pop-up click OK. Press d to set your foreground to black and press Alt+Backspace. Press Ctrl+D
Final Product
Congratulations! Now you have learned how to make a color burst effect! There are some examples below of finished products.
More Tutorials: 
