Lets create a blue wavy text effect using photoshop features and tools mentioned below.
open a new file width-440/ Height-305
/ Reso-96
2- use text tool in photoshop tool set and type Enter
3- Use Smudge tool as shown below[ Brush size-10 / Strength-
40% ]
4-'After Smudge tool your image will look like this.
5- Select th blending option as shown below.
6- Use Drop shadow with [ opacity- 57/ Distanse -12 / Spead- 10 / size-
4 ]. Niche dekhen 
7- Apply Bevel and Emboss as [ Depth-950 / size-8
/ soft-2 and click ok when done.
8-That's your wavy text Effect.
