1) Create new file with your own sizes.
2) With the Type Mask Tool type your text.
3) Fill it with a color.
4) Then deselect and go to Filter -> Stylize -> Find Edges.
5) Press CTRL + I to invert your file. Now go to Filter -> Distort -> Polar Coordinates, set it Polar to Rectangular.
6) Now go to Image -> Rotate Canvas -> 90° CW.
7) Now go to Filter -> Stylize -> Wind, Rigth to Left and Left to Right. You can also if you want and strong Wind effect do it again.
8) Now rotate Canvas again, Image -> Rotate Canvas -> 90° CCW.
9) Now go to Filter -> Distort -> Polar Coordinates, set it Rectangular to Polar.
You're done. You can Colorize it with Ctrl + U. Here my final effect:
2) With the Type Mask Tool type your text.
3) Fill it with a color.
4) Then deselect and go to Filter -> Stylize -> Find Edges.
5) Press CTRL + I to invert your file. Now go to Filter -> Distort -> Polar Coordinates, set it Polar to Rectangular.
6) Now go to Image -> Rotate Canvas -> 90° CW.
7) Now go to Filter -> Stylize -> Wind, Rigth to Left and Left to Right. You can also if you want and strong Wind effect do it again.
8) Now rotate Canvas again, Image -> Rotate Canvas -> 90° CCW.
9) Now go to Filter -> Distort -> Polar Coordinates, set it Rectangular to Polar.
You're done. You can Colorize it with Ctrl + U. Here my final effect:

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