Step #1-First make a new image, I used 400x300 in grayscale mode
and the contents on Transparent.

Step #2-Then use the paint bucket and fill it with black.
Then type out your text, I used the word FIRE.
Make sure the text is white. Then you need to turn the image 90 degrees.
Go to Image>Rotate Canvas>90CCW.

Step #3-Before, you need to flatten the image, go to Layer>Flatten Image. Then go to Image>Adjust>Invert. Then apply the wind filter, go to Filter>Stylize>Wind, set it to go from the left. Then do Image>Adjust>Invert again to make it go back to normal.

Step #4-Now use the wind filter again. Then go to Image>Rotate Canvas>90 CW,
after that you need to use another filter,
go to Filter>Distort>Ripple put the amount between 50 and 70.

Step #5- Now for the finishing touch, go to Image>Mode>Indexed Color,

Then….Go… Image>Mode>Color Table and set the table to Black Body in stead of Grayscale, then pick your color, and your done.