Step one:
Put your type on its own layer and render. Right click/Cmd Click on its name in the layers pallette and render type. PS 5.5 calls this rasterize type.

Step two:
Now its time to rope us some type! Grab the lasso tool and select a portion of the type.

Step three:
Now select the move tool (V). Drag the selected peice away from the rest.

Step four:
Repeat steps 2 and 3 lots of times, using differant selection sizes and shapes, until you get something like this.

Step five:
Duplicate the layer and apply a motion blur>Radial blur = 100 and quality = best

Step six:
Duplicate the blurred layer 2X

Step seven:
Set the top blurred layer to Dissolve and bring the opacity to 47%

Step eight:
Change the color of the blurred layers and the sparks using the Hue/Saturation control. Add a black background and "BOOM".