1) Create a new document, any size doesn't matter. make sure that the background is BLACK.
2) Apply a BOLD "white" text into your layer. I used WebDogPro as an example
3) Next step would be to use multiple "wind" effects
Filter > Stylize > Wind
your first wind effect should be from the left and another from the right
Filter Wind1: From the Left, Filter Wind2: From the Right
4) Repeat STEP 3 once more, this will give a nice fading effect 
5) Now rotate the canvas 90 degrees clock wise
Image > Rotate Canvas > 90 CW
And again apply the wind effects
Filter Wind1: From the Left, Filter Wind2: From the Right
Rotate your canvas back to its normal state 90 degrees CCW
6) Convert the image to Grayscale, then again convert the image to indexed colors
Image > Mode > greyscale,
Image > Mode > Indexed color
7) now modify the color table to your needs
Image > Mode > Color Table
You can edit this color table to your liking, the default color table looks pretty neat, but strains the eyes a but :D, so I made a blue color table shown below
DEFUALT table
My custom BLUE table
