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. Image/Map/Invert

Image/Rotate/90 CW
Filter/Stylize/Wind..., use Left
Image/Rotate/90 CCW

Mode/RGB Color
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.