Tooty Frooty Text Effect

Start by typing "TOOTY FROOTY".

Right click the layer and select convert to shape.

Using direct selection tool you can select each alphabet and rotate and move.

In a new layer create some triangles, circles and squares with different color.

Merge all the shape layers. Ctrl+Click to get the selection. From edit menu select "Define Brush Preset". Name this new brush "tootyfrooty brush".

Press F5 to open brush settings. Adjust settings as shown.

Apply the brush in a new layer.

Ctrl+Click the text layer to get the selection.

Press Ctrl+Shift+I and delete the outer area of the layer with multi color shapes.

Double click the text layer to open layer style window. Apply layer style with the settings shown.

Apply a nice radial gradient in the background.

Reduce the opacity of multi color shapes layer to 60%.