First, create a new photoshop file, (it does not matter what size you use but a good size is 400 pixels by 400 pixels). Next, fill the background layer in with black. After, type in white text in the middle of the text layer, like the picture to the left.
Then, select the text layer and go to filter--> stylize--> wind. When a window pops up and asks you if you want to rasterize the layer, click ok. Next, select the method as wind and the direction from the right and press ok. After, press ctrl+f to do that again. Then, do the same thing that you just did but select from the left instead of the right. After that, go to image--> rotate canvas--> 90 degrees CW. Next, do the same thing you did earlier (filter--> stylize--> wind), do it twice with both from the left and right. Then, go to image--> rotate cnanvas--> 90 degrees CCW. Now your photoshop image should look like something like the one below.
Now, with the same layer selected, go to filter--> blur--> Gaussian blur. Set the radius to 2.0 and click ok. Then, go to filter--> disort--> ripple. Use the default settings and click ok. Next, go to image--> mode--> grayscale and click flatten. After, go to image--> mode--> indexed color. Then, go to image--> mode--> color table and select black body. Now click ok. Next, to go to image--> mode--> rgb color. Finally, click on the text tool and select black. Type in the text that you typed in earlier and align it with the fire 'text'.
And... here is the final result:
