Start off with a new document. For this tutorial, i created a new 500x300 document with white background.
Now use the paint bucket tool to fill the background layer with black. (or you can use another dark color)
Use the Type tool and type in your prefered text, use a bold font and set its size to fairly large, I used "Arial Bold", and font size 100px
Next, go to Layer->Flatten Image
Then go to Filter->Blur->Gaussian Blur, set Radius: 6.0
Now go to Filter->Artistic->Plastic Wrap
Hightlight Strength: 5
Detail: 15
Smoothness:15
Now, to colorize this image, the simplest way is to go to Image->Adjustments->Hue/Saturation - check the "colorize" box, and adjust the Hue and Saturation sliders.
The other way is to apply Image->Adjustments->Color Balance. You have more control over the colors here but slightly more difficult.
Here is another result, with this one, I set the highlight strength to 15 instead of 5.
