Ctrl+Click the layer thumbnail to get the selection. Press Q to enable quick mask. From filter menu select distort>>glass. Apply settings as shown.
Press Q again to disable quick mask. Create a new layer and fill it with dark green color. Hide the original text layer.
Double click the layer to open layer style window. Apply settings as shown.
Hide the distorted text layer and unhide the original text layer. Select and rasterize the original text layer. Ctrl+Click the distorted text layer. Press Ctrl+Shift+I to inverse the selection. and press delete.
Double click the layer to open layer style window. Apply settings as shown.
Unhide the distorted text layer. Select the original text layer. Move this layer above all the layers in layer order in layer palette. Change the layer mode to "Difference".
Select and merge both the layers. Duplicate the layer and change the layer mode to "Screen".
