Make a new layer, 1000x1000 pixels, black background

With the type tool, write whatever you want. I used Arial Black, 120 pixels. Now go to the layers palette and right click on the type layer and rasterize it.

Now CTRL+Click on the newly rasterized layer to bring up the selection.Go to Filter>Render>Clouds Your image should look like this:

Now go to Filter>Distort>Glass and use these settings: Distortion:20, Smoothness:1, Texture: Tiny Lens, Scaling: 50-70%. Here is what it should like:

Now duplicate the layer and put it in the "Color dodge" mode. This is the output:

Now grab the brush tool and choose the "Starburst small" brush type (You'll find it in the assorted brushes in Photoshop).

Be sure to have the Foreground white and start painting with the brush the little sparkles you need on a new layer. You're done.