Start by creating a text and select the white colour.
Now go to Layer>Flatten image.
Now let's apply some Gaussian blur.Go to Filter>Blur>Gaussian Blur.
There set these values.
Now go to Filter>Artistic>Plastic warp.
Set these values.
You should have this by now.
Now let's give it some colour.Go to Image>Adjustments>Hue Saturation or simply select Ctrl+U.
There set these values.
And now your work is ready!

10 Random Photoshop Text Effects :
10 Random TutorialKit Materials:





More Photoshop: