Start a new document 600x600 with a black background.

Use your TYPE tool and create your text.

With your type tool still selected, click on the "Create warped Text" button to open the warp text box.

From the Warp text box, for style, select Bulge, and set your Bend to +50

Now duplicate the text layer, there's several ways to do this, one way is to right click on the layer (in the layer palette) and select "Duplicate Layer".

We will work with this layer later, so sets hide it now, click on the "eye" icon on the layers palette. now merge the bottom 2 layer together (Layer->Merge Visible), so your layers palette should have something like the image on the left now.

Now apply: Filter->Distort->Polar Coordinates
Options: Polar to Rectangular

Now go to: Image->Rotate Canvas->90CW

Then go to Filter->Stylize->Wind
Method: Wind, Direction: From the left

Now just press CTRL+F about 10 times. this will reapply the wind filter by 10 times.

Now rotate the image again.

Image->Rotate Canvas->90CCW

Then the filter: Filter->Distort->Polar Coordinates
Options: Rectangular to Polar

Now you should have something similar to the left.

Now enable the top layer text you duplicated from the first step. Change its color to something you can see with.

Now apply this layer styles to the text layer.