Awsome Text Effect

Start by typing "AWSOME" in a new file. Duplicate the layer, fill with blue color and hide it.

Double click the original text layer to open layer style window. Apply layer style with the settings shown.

Reduce the fill value to 0%.

Unhide the duplicate layer. Form filter menu select blur>>radial blur.

Apply settings as shown.

Duplicate the layer and move one of the blurred layer below the main text layer.

Select gradient tool and change the mode on top bar to difference. Create a red to green gradient.

Apply the gradient in radial mode to the background.

Apply same gradient several times.

From filter menu select stylize>>glowing edges.

Apply settings as shown.

From filter menu select stylize>>find edges.

Press Ctrl+I to invert the color. Duplicate the layer and change the layer mode to multiply. Select both layers and press Ctrl+E to merge.

Press Ctrl+U to open hue/saturation window. Apply settings as shown.

Double click the text layer to open layer style window. Apply layer style with the settings shown.

Select the top blurred layer, press Ctrl+U to open hue/saturation window. Apply settings as shown.

Ctrl+Click the main text layer thumbnail to get the selection. Select background layer. Press Ctrl+J and to copy the selection in a new layer. Move this layer on top of all layers and change the layer mode to soft light.