Exploding Text  Your text should be centered and fill up most of the canvas.

1. Create a new file in 16 RGB mode. Create some text with the type tool.
Layer>Rasterize>Type ( or, rt-click the layer itself and go to “Rasterize.”

Layer>Duplicate Layer.
Select the new layer as your current editing layer.

2. Edit>Fill.

ONLY in the Edit>Fill menu use the following:
Use: White
Mode: Multiply

Filter>Blur>Gaussian Blur to 1.4 pixels.

3. Filter>Distort>Polar Coordinates.
Options: Polar to Rectangular

4. Image>Rotate Canvas>90 CW.

Filter>Stylize>Wind.
CTRL + F
or Filter>Stylize>Wind again.
Image>Adjust>Auto Levels.

5. Image>Adjust>Invert.
Filter>Stylize>Wind.
CTRL + F or Filter>Stylize>Wind again.
Image>Rotate Canvas>90 CCW.

6. Filter>Distort>Polar Coordinates.
Options: Rectangular to Polar.

Set Layer Mode (where it says “Normal” in the Layers Palette) to Hard Light .

 

7. Image>Adjust>Hue/Saturation.
Check the "Colorize" checkbox and play with the settings of "Hue" and "Saturation" .