You can get the font I used here: www.radialdesigns.co.uk
The text I used was 01DIGITAL which is in the Tech Font Pack.
(put the font files in C:\WINDOWS\Fonts)
Start with a black background, 500 by 500 and add a new layer (Shift +Ctrl +Alt+N).
Type the desired text using the text tool (I'm using my CS alias). Don't have the text size to big otherwise the affect wont work. (In this tutorial the text is at 140 which is TOO big as it spoils the effect at the bottom of this page is a better exaple of this effect).
Duplicate the text layer (Layer - Duplicate layer) and hide the original. With the duplicated layer selected, start the affect by adding wind (Filter-Stylize-Wind). The bigger the text the more times you will have to apply the filter I did it 2 times. (You can just press Ctrl+F to apply the last used filter).
Now rotate the image 90 CW (Edit-Transform-Rotate 90° CW) and apply the wind affect again (twice again for me).
Keep rotating and reapplying the wind affect until the image is the right way up again and you should have something like this (you may need to realign it with the original text ;-)
Now set the layer to 75% opacity and the mode to Linear Dodge. Now go Layer-Layer Style-Inner Shadow and use these settings:
Enter these on the same layer
Now unhide the original text layer and we'll add a few affects to it...
Change the Blend mode to 'Linear Dodge' and then go Now go Layer-Layer Style-Bevel and Emboss leave the settings on default.
Now add 'Gradient Overlay'
Your done! Heres mine:
Also I found that this effect works better with a smaller font, like the one below, wich is probably going on my website.
More Tutorials: 
