Start by typing your alphabets.
Double click the layer to open layer style window. Apply settings as shown.
Similarly type other alphabets. Apply same layer style.
Select and merge all the alphabet layers. Ctrl+Click the layer thumbnail to get the selection. Press Q to enable quick mask.
From "Filter" menu select "Distort>>Ocean Ripple ". Apply settings as shown.
Press Q again to disable quick mask. Press Ctrl+Shift+I to inverse the selection. Press Delete.
Double click the layer to open layer style window. Apply settings as shown.
Press Q to enable quick mask. From "Filter" menu select "Render>>Fibers". Apply settings as shown.
Press Q again to disable quick mask. Create a new layer and fill it with white color.
Press Ctrl+Alt+G to create a clipping mask. Change the layer mode to "Overlay".
