Step 1: The basic needed for the glowing text effect
Start a new image 640 x 400 px and fill it with black. Type the text in white. In this example Arial size 140px is used.
Go to Layer > Text to Selection > Text to selection.
Hide the text layer by clicking on the eye in front of the layer in the layer window.
Create a new (transparent) layer and change the name of this layer to "glow"
Set if needed the foreground color to white.
While the new layer is active go to Edit > Stroke Selection.
In the Stroke selection window set: Stroke line: 1px, Solid color checked.
Press Shift+Crtl+A to get ride of the selection.
Set the blend mode to Addition. Changing the blend mode now doesn't make a difference yet, but by doing it now you only have to do it once instead of 9 times if you change it later.
Duplicate layer "glow" nine times.
Step 2: Use the Waves filter to get some glow.
Activate layer "glow copy"
Go to Filter > Distort > Wave
Activate the layer above "glow copy" (should be "glow copy#1)
Go to Filter Re-show "Waves" and change the values.
Amplitude: 2 (+1)
Phase: 30 (+30)
Wavelength: 15 (+5)
Apply filter Waves to all the above layer. You need to change the values of Amplitude (+1), Phase (+30) and Wavelength (+5) for every layer.
Step 3: Some motion blur to make the glow effect better.
Activate the layer "glow copy#1"
Go to Filter > Blur > Motion Blur
Blur type: Linear.
Apply filter Motion Blur to all the above layers. You need to change the values of Angle (+20) for every layer.
Step 4: Give the glowing text some color.
Add a new (transparent) layer, this layer should be on top.
Activate the Blend Tool, change the Gradient to "Full saturation spectrum CCW" and draw a gradient as shown here:
Change the blend mode to Overlay and lower the opacity to 70%.
Step 5: Enhance the glowing effect.
Activate the layer "glow copy"
Go to Filter > Blur > Gaussian Blur
Change the horizontal and vertical blur radius to 5px.
And duplicate this layer, so you get a brighter effect.
Step 6: Some lens flare to let the text glow more at some parts of the text.
Create a new layer and fill it with black. Place this layer just beneath the gradient layer.
Go to Filter > Light and Shadow > Lens flare.
Drag the center of the lens flare so it is placed above the text.
Change the blend mode of this layer to Dodge and lower the opacity to 50%
Step 7: Last changes to let the text glow some more.
Duplicate the original text layer and place it on top of the layer stack.
This layer will be hidden, so make it visible.
Go to filter > Blur > Gaussian Blur
Change the horizontal and vertical blur radius to 10px.
Change the blend mode to Overlay.