Start by applying render>>lighting effect from filter menu.
Apply settings as shown.
Form filter menu select stylize>>polarize.
Duplicate the layer and change the layer mode to color dodge. Select and merge both layers.
Type text using a bold font.
From filter menu select distort>>wave.
Apply settings as shown.
Ctrl+Click the layer thumbnail to get the selection. Hide the text layer. Select the background layer and press Ctrl+J to create a duplicate of selection in a new layer.
Press Ctrl+L to open levels settings. Apply settings as shown.
Duplicate the layer. Ctrl+Click the layer thumbnail to get the selection. Form select menu click modify>>contract.
Contract the selection by 2 pixels.
Press Ctrl+Shift+I to inverse the selection. Press delete.
Change the layer mode to linear dodge. Move the layer 2 pixels left.
Similarly create selection of text layer, contract and repeat above steps twice.
Play around with different layer modes to get a nice result.
Fill the background layer with black color.
Merge all the text layers. Double click the layer to open layer style window. Apply layer style with the settings shown.
More Tutorials: 
