Open a new document, I've chosen 200x200 px. Hit D on your keyboard to reset the colours.
Go to Filter > Render > Clouds and then Filter > Render > Lightning Effects where you set these
settinds:
Go to Hue/Sat and choose a red/brown colours (remember Colorize).
Then we are finish with the background. Next step is the text. Pick the text-tool and type a word.
I used a font named Da Bomb. You can download it here - DaFont.
Use size 24 pt and type a word. I typed "pow".
Go to Layer > Layer Style > Gradient Overlay
The colour doesn't matter.
Then go to Stroke:
Hit OK.
Go to Layers-palette and set Layer-Mode to Color.
You are finish.
More Tutorials: 
