Since English isn't my native tongue and I use a German version of Photoshop, there may be some errors in my descriptions. I hope this Tutorial is still of use for you.

Step one:
Create a new file. It should be as big as the text you want to write. Remember, you can resize the picture later with Image => Image size. The background color doesn’t really matter, mine was black.


Step two:
Now you write the text you want. Use white as text color.


Step three:
Go to Layer => Rasterize

Step four:
Now you can change your text color, etc. with Layer => Layer Blending Options. You can do whatever you want, my picture looked like this:


Step five:
The next step is rotating the picture: Image => Rotate Canvas => 90° CW


Step six:
Now go on Filter => Stylize => Wind. Don’t change the settings. The Method (?) should be “Wind” and coming from the “Right”.

Step seven:
Now, you just need to rotate your picture back and it’s finished. You can use it with or without background.