To begin, enter some type in a new image and duplicate the type layer. Here are my settings:
New Image
Width= 9 in
Height= 5 in
72 dpi
RGB
Background Color= Black
Create a type layer, using a large font size. I'm using a font called Creampuff set to 120 points. Color isn't really a factor, but I'll use white. Duplicate this layer.
Select the duplicate layer. Hit Shift + Command/Control + X to bring up the Liquify options. Using a small brush (mine is set to about 20), distort select areas of the type by clicking on a section with the brush and pulling down. Do this several times around the type.
Once you are satisfied with your distortions, click OK and check out your image.
Okee Dokee, now let's start making it stand out a bit. Go to your layer styles and apply a bevel.
Also apply an inner shadow of a light blue/green (my number is #06A090) with the opacity set to 50%.
Duplicate this layer, and create a new layer beneath the top duplicate. Hit Command/Control + E to merge down the top layer with the empty layer. This collapses the layer styles so we may alter the entire package, bevel and all.
Add noise to this layer.
Go to Filter>Pixelate>Crystalize, and set your cell size to 3.
Command/Control+Click the layer name in the palette to create a selection, and apply a light gaussian blur. Somewhere around 1 should do it.
Go back to the original snow layer. Again,create a layer beneath it, select the snow layer and merge down. Rotate the canvas 90 degrees clockwise. Go to Filter>Stylize>Wind, and Blast from the right. Again, go to filter>Stylize?Wind, and this time apply Wind from the right. Do this to taste, then rotate your canvas CCW.
Now you can just play with the layers, applying different shadings, bevels and the like until you start feeling 'Cool'.
Here's my final product:







More Photoshop: