Step three:

Duplicate the text layer and delete the layer-styles then change the color to white.

Go to Filter > Noise > Add Noise, add this settings:

Add Noise

Amount: 400
Distribution: Gaussian
Monochromatic: Check

Change the foreground color on your palette to white and background to black. Go to Filter > Distort > Glass. Add this settings:

Glass

Distortion: 8
Smoothness: 3
Texture: Frosted
Scaling: 100
Invert: Uncheck

Change the layer's blending mode to Lighten.

Finale:

Play with the settings to get a unique result.