Aqua Text

Step 1: Create a new document, size is not a matter. Press D to reset your colors. Use the Horizontal Type Tool (T) with a size of 300pt and type anything you like. You should use the Move Tool (V) to center your text

Step 2: Select your text by holding down Ctrl and left click on your text layer

Step 3: Go to Filter > Render > Difference Clouds. Press Ctrl-F six times to repeat this effect. After this step we will get

Step 4: Press Ctrl-D to deselect your text. Go to Filter > Artistic > Plastic Warp and use these settings:

and we get

Step 5: Press Ctrl-U to open the Hue/Saturation dialog box. Make sure to tick on the Colorize checkbox and use these settings:

Your text will be colorized like this

Step 6: We should remove the black areas in our text. The easiest way to do this is go to Image > Adjustments > Selective Color. In the drop down box, choose Blacks and use these settings:

now the black areas are removed

Step 7: Double click on your text layer (it is "strong" layer in this tutorial) to open up the Layer Style dialog box. We just need to use Drop Shadow and Bevel and Emboss effects

+ Drop Shadow:

+ Bevel and Emboss:

Finished! And here is the final result: