Icey
	first make your text in a new layer I used "Balloon" but instead of using the normal text tool click and hold and choose the type mask tool then add you words and fill it in with black(alt backspace)
	Now make another layer and put it bellow the one with the text, making sure you text is still selected
	Now go to Select>Modify>Expand and expand it about 2, the go to Select>Feather and I feathered it 8, the choose black and white for colors and goto Filter>Render>clouds
	Now go back to you text layer and make sure this box is checked it's in you layers window then fill it in with white (alt backspace) then uncheck it then goto Filters>Stylize>wind and make sure the method is wind and direction is from the left then goto Edit>Transform>Rotate 90 CW then wind it again(ctrl f) and goto Edit>Transform>Rotate 90 CCW so it's back to normal
	Now lets add some bevel to it goto Layers>Effects>Bevel and Emboss and set the buttom options to a   good bevel
	(make sure this box is checked again) Now we need to give the words some texure, goto Filter>Noise Add Noise use about 30 for the amount and make sure Monochromatic is checked then goto Filter>artistic>Plastic Wrap and I set it to 15,13,7.
	Ok you're done just need to give it some color. goto Image>Ajust>Color Balance and in the 3 text boxes at the top make the first one -100 the second 0 and the third 100, there your done