Step 1

Open New Document with 400 px X 300 px, Resolution 72 

Step 2

Add  text "LIGHT BURST" with Type Tool

convert it into pixels. So again with the text layer selected, go up to the Layer menu at the top of the screen, choose Rasterize, and then choose Type

This will convert our text into pixels. It will still look the same in the document window, but in the Layers palette, the Type layer will now be a regular layer

Step 3 

Add selection around your text  and save it.

Ctrl+Click directly on the athumbnail preview area of the text layer in the layer palette to quikly load selection around your text. Your text will now have selection around it

Step 4 

With the text selected, go up to the Select menu at the top of the screen and choose Save Selection. When the Save Selection dialog box appears, just click OK. There's no need to name it or make any changes to the options.

Once you've saved your selection, press Ctrl+D (Win) to deselect your text.

Switch over to your Channels palette for a moment (it's grouped in beside the Layers palette) and you'll see your selection saved as a new channel named "Alpha 1" at the very bottom. We'll be coming back here a bit later to load our selection again:

Step 5 

Switch back to your Layers palette once again, and with the text layer selected, go up to the

Edit menu > Fill, or press Shift+F5 on your keyboard to quickly bring up Photoshop's Fill dialog box. When the dialog box appears, set the Contents to White and change the Blending Mode to Multiply:

Step 6

Step 7 

Step 8

The text is looking a little dark, so let's lighten it. Use the keyboard shortcut Ctrl+L (Win) to bring up Photoshop's Levels command, and drag the white point slider on the right in towards the left until you reach the right edge of the histogram:

With the Levels dialog box open, grab the white point slider on the right and drag it to the right edge of the histogram to brighten the text. 

Click OK. The text will now appear much brighter:

Step 9 

Make sure the copy of the text layer is selected because all of these next steps are to be done on the copy. We won't be touching the original again until near the end

Step 10 

Go back up to the Filter menu > Distort > Polar Coordinates.

When the Polar Coordinates dialog box appears, select the Polar To Rectangular option at the very bottom and then click OK:

Your text will now look very strange indeed:

Step 11 

Go up to the Image menu > Rotate Canvas > 90° CW

to rotate the canvas 90 degrees clockwise:

Step 12

 Use the keyboard shortcut Ctrl+I (Win) to invert the image, so black becomes white and white becomes black:

Step 13

Go back up to the Filter menu > Stylize > Wind.

When the Wind filter's dialog box appears, make sure Method is set to Wind and Direction is set to From the Right:

With the image inverted, press the keyboard shortcut Ctrl+F (Win) / Command+F (Mac) three more times to apply the filter to the image three more times

Step 14

We need to brighten the image again using Levels, but this time, we'll let Photoshop do the work for us by using Auto Levels. To do that, press Shift+Ctrl+L (Win) / Shift+Command+L (Mac) to apply the Auto Levels command to the image, which will brighten it up:

Step 15

Go back up to the Image menu at this point, choose Rotate Canvas once again, and this time choose 90° CCW to rotate the canvas back to the way it was originally:

Step 16

Go back up to the Filter menu > Distort > Polar Coordinates.

This time choose the Rectangular to Polar option and click OK:

Your image should now look something like this:

Step 17 

Go up to the blend mode options in the top left of the Layers palette and change the blend mode of the text copy layer from "Normal" to Screen by clicking on the down-pointing arrow and selecting "Screen" from the list:

 This reveals the original text layer beneath it:

Step 18 

Click on the New Fill Or Adjustment Layer icon at the bottom of the Layers palette:

 And select "Gradient" from the list:

 
This will bring up the Gradient Editor dialog box. Click on the gradient swatch in the top left, the black to white gradient first, and this will make sure that both colors on either side of the gradient have their opacity set to 100%:

 Then set your gradient colors to whatever you like.

Step 19

With the Gradient fill layer selected, go back to the blend mode options in the top left of the Layers palette and change the layer's blend mode to Color:

The image is now colorized with the colors from the gradient:

Step 20

We're done with the text copy layer at this point. On the original text layer, so click on it in the Layers palette to select it. Then go up to the Filter menu > Blur > Radial Blur

Set the Amount to about 65 pixels, the Blur Method to Zoom, and the Quality to Best, as circled above, and then click OK to apply the filter to the original text:

Step 21 

Only a couple of things left to do. First, switch over to your Channels palette again like we did earlier. We're going to reload that selection we saved. To do that, simply right-click (Win) anywhere on the Alpha 1 channel at the very bottom, which will load the selection back into the document window:

Switch back to the Layers palette when you're done. The selection is now loaded in the image:

Step 22 

With the original text layer selected in the Layers palette and black still as your foreground color, press Alt+Backspace (Win) to fill the selection with black and finish the effect.

Press Ctrl+D (Win) to remove the selection, and you're done!