1) Create a new file with mode : grayscale and I'm using size 500x200
px (fig1)
2) Then type FREEZE in that new file and it will automatically create
a new layer. (fig2)
fig 1 Fig
2
3) Now ctrl + click on that FREEZE layer, then ctrl+shift+I
to select the area outside the text. (fig
3)
Fig 3
4) Go to Layer > Merge down (shortcut key : ctrl+E).
Now your layer window should look like fig
4
Fig
4 Fig
5
**Remember : DO NOT DESELECT**
5)
Go to Filter > Pixellate > Crystalize ..... cell size : 12
6) Go to Select > Inverse, then add a noise by go to
FIlter > Noise > Add noise (fig
5 **above**)
7) Go to Filter > Blur > Gaussian
blur with Radius : 2px (fig
6). 
Fig 6
8) Now adjust the image by go to Image > Adjust > Curve,
set the curve similiar to mine. (fig
7)
Fig 7
9) Now you can Deselect it (ctrl+D)
10) Rotate the image by
go to Image > Rotate Canvas > 90 CW then add a wind into the
text by go to Filter > Stylize
> Wind .... Method : Wind, Direction : From
left
11) Then rotate it back : Image > Rotate Canvas > 90
CCW
12) Now change the image mode to RGB by go to Image > Mode > RGB
Color
13) Go to Image > Adjust > Hue/Saturation ...
click Colorize (fig 8)
Fig
8
14) Now we need to add a glossy/glint effect in the text with brushes. You need to load your brushes first, if it's not in your brushes window. ( Window > Show brushes ).
To load brushes, click on 
icon next to
brushes window 
. Select Load Brushes, find folder "....\Adobe Photoshop
5.5\Goodies\Brushes" , then select Assorted Brush. You should have
an assorted brushes in your brushes window by now (fig 9) and then
select that 'star' brush to add a glint effect in your text
Fig
9
15) Reset your foreground color by press D then exchange the
white color become the foreground color by press X. Click
on Paintbrush tool icon (
), then playing
around with the star brush .... add here ..... add there in your text.
16) This is my final result :
Hope it helps :)