Make a new document (File -> New ) 400x500px.
Fill it with black color (Edit -> Fill -> Black).
Create the text you like using Type tool (Arial Black; 300 pt; white text color).

Create a new layer (Alt+Ctrl+Shift+N)
Merge all viewed layers to Layer 1 with Alt+Ctrl+Shift+E (Stamp visible).
Go to Edit -> Transfortm -> Roatate 90o CCW.

Go to Filter -> Stylize -> Wind and use these settings:

Repeat the filter by pressing Ctrl+F. Do this two times.

Rotate the canvas back to normal with Edit -> Transfortm -> Roatate 90o CW.
Apply Filter -> Blur -> Gaussian Blur (Radius 3px).

Select Image -> Adjustments -> Hue/Saturation (Ctrl+U)
Check Colorize. Set Hue to 50; Saturation to 100.

Duplicate colorized layer.
Go to Image -> Adjustments -> Hue/Saturation (Ctrl+U)
Check Colorize. Set Hue to 15; Saturation to 100.

Duplicate this layer.
Set the Blending Mode of this duplicate layer to Overlay.

Merge Layer 1 copy down onto Layer 1, with Layer -> Merge Down (or Ctrl + E).
Go to Filter -> Liquify (Shift+Ctrl+X) and draw the flames out from the image.

Duplicate this layer. Set the Blending Mode to Screen, and you’re done with your Fire Text!

Step 1

Now we can add some color to the top text layer.
Fill the text with gray color(I used # C1BEBC).
Enter Quick Mask mode . Press D. Take Gradient tool. Drag from bottom to top of the text.

Exit Quick Mask mode. Hit Delete. Deselect.

Add a layer style:

and Inner Shadow

Go to Filter -> Blur -> Gaussian Blur (Radius 0,5px)

Add new layer.
Merge all viewed layers with Alt+Ctrl+Shift+E (Stamp visible).
Go to Edit -> Transform -> Flip Vertical
Move this new layer down with Move Tool (V).
Set layer Opacitiy to 50%.

Create a new document (File -> New), 500X400 pixels. Fill the background with black colour.

Create a new layer.
Use the pattern stamp tool (“clouds” pattern) to draw the shape of the fire.

Go to Filter -> Liquify (Shift+Ctrl+X) and draw the flames out from the image.

Image > Adjustment > Hue/Saturation (or Ctrl+U). Check “Colorize“. Hue: 40; Saturation: 70; Lightnes: -10.

Duplicate layer. Set the layer mode to Vivid Light.
Layer > Flatten Image
Filter > Distort > Ripple (Amount 100%; Size: Medium)
Edit > Fade Ripple (Opacity: 50%; Mode: Normal)