1) Open a new canvas sized 400x30.
2) Filter > Render > Clouds.
3) Filter > Render > Difference Clouds.
4) Invert the image (ctrl+I).
5) Go to levels (ctrl+L) and take the middle arrow and drag it all the way to the right.
6) Go to hue and saturation (ctrl+U) and color appropriately.
7) Apply text to the far left.
The end result: