1. Open a new Photoshop document (RGB 8bit). Double click next to the "Background" name to unlock the layer and press CTRL+I to invert the background's color, making it black. Grab the Text Tool (T) and write the text you want to edit. Use a bold or black font for better results ( I've used Myriad Pro Black).
2. First, duplicate the text layer by pressing CTRL+J and hide one copy (you'll need it later). Change the color of the visible text layer to a redish orange then apply this Satin effect on the text.
3. Right click the text layer and select "Convert to smart object..." , then right click it again and choose Rasterize. Now, using the Smudge Tool click&drag on the letters' edges to create the "flame" effect. (make sure the Smudge Brush size is smaller then the letters).
After multiple smudges I've got this:
4. Make a copy of this layer, apply a Filter->Blur->Gaussian Blur of 2px and move it behind the original layer.
5. Copy the blured layer (CTRL+J) and apply again Filter->Blur->Gaussian Blur, but this time use a larger value (10px). Change the bleding mode of this layer to soft light.
Now, back to the Background layer. Open it's Layer Style panel (double clicking next to the layer's name) and apply a Dark Gray->Black Radial Gradient at a scale of 150%.
6. Now, you should have a copy of the unaltered text layer. Bring this layer to the front (CTRL+SHIFT+]) change it's fill color to 0% and apply a Gradient Overlay and Stroke as shown below:
And, you should get this:
7. If you want, you can also add some Satin to the layer edited above.
8. Press CTRL+SHIFT+N to create a New Layer. Select the Elliptical Marquee Tool (M) and draw an ellipse beneath the text. Fill it with an orange shade.
You can download the .PSD HERE.
"Feedback" is welcomed, just post your questions/suggestions in the comment section below! :)