Start with a new grayscale image, white background black foreground.
Using type tool type some text with heavy font (will look better)
Do not remove the selection from letters, Select/Inverse
Filter/Pixelate/Crystallize, use setting of 10.
Filter/Noise/Add Noise, use value of 70/Gaussian
Filter/Blur/Gaussian Blur with value of 2.0
Image/Adjust/Curve. Create a curve similar to image show or download a ready-made one and Load... it from that dialog.
Remove the selection from letters.
Filter/Stylize/Wind..., use Left
Image/Adjust/Hue/Saturation..., click Colorize and set Hue to -175.
If u want some sparkles, then choose airbrush tool, white foreground color, go to Brushes Palette, click right arrow icon and load Assorted brushes (came with Photoshop)
Then apply some.
© 1996 Nick Ustinov.