Step 1. Create a blank document, size depends on the size of your text, I made it 300*300px. Black background. White foreground. Type your text.
Step 2. Duplicate your text layer. Use Filter --> Distort --> Polar Coordinates.. Select Polar to Rectangular.
That's about what you should get:
Step 3. Turn the canvas by 90° clockwise (Image --> Rotate Canvas --> 90° CW)
Step 4. Now you are going to apply the wind filter Filter --> Stylize --> Wind.. Use it once from the right and once from the left .
Turn the canvas by 90° UNclockwise (Image --> Rotate Canvas --> 90° UCW) and use wind again, once from the left and once from the right:
Step 5. Use Polar Coordinates again. Rectangular to Polar.
That's what it should look like:
Step 6 Go to Filter --> Artistic --> Cutout and apply the values shown below or change them up a bit until you get what you want.
Step 7 Now all that's left to do is hitting Ctrl-U to bring up the Hue/Saturation window and choose a color. The settings shown below will get you that nice flashy green.
Done!
