Make use of the next command now: Layer ? Rasterize ? Type and create a new layer (Layer ? New - Layer). Now we have to choose a set of ready to use brushes with fractals (download them here: http://www.deviantart.com/deviation/20482619/). Select for the picture several ornaments and place them above the text. If that is necessary, you may turn them around by applying this selection: Edit ? Free Transform (ctrl+t).

Plasma Text Effect
  


Place this layer under the text' layer and get back to the text's layer to invert its colors: Image ? Adjustments ? Invert (ctrl+i).

Plasma Text Effect

Apply the next shown filter to distort the image: Filter ? Distort ? Twirl.

Plasma Text Effect