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: