Add an inverted layer mask to Type layer (hold Opt/Alt and click on "Add a layer mask" icon or go to Layer > Layer Mask > Hide Selection). Again create selection, but in this time from text, add a layer mask to abstract shape (normal layer mask, go to Layer > Layer Mask > Reveal Selection).
Select type (hold Cmd/Ctrl and click on type layer), inverse selection (Cmd/Ctrl + Shift + I or Select > Inverse). Go to layer mask of shape and with hard round brush (Opacity: 100%, color: black) remove all unnecessary components except details for the text. Also, remove the line within the text (inverse selection again). Generally you have a great opportunity for creativity. Try to be creative :). To deselect image go to Select > Deselect or use Cmd/Ctrl + D.
Select both layers, duplicate it (Cmd/Ctrl + J or layer > Duplicate layer...) and merge it into one (Layer > Merge Layers... or Cmd/Ctrl + E). Convert resulting layer to Smart Object (Layer > Smart Objects > Convert to Smart Object). Go to Filter > Stylize > Wind. Set Method to "Wind" and Direction to "From the Right". Apply this filter again (Cmd/Ctrl + F or Filter > Last Filter/Wind). Move this layer under the two text layers and group it all (Cmd/Ctrl + G or use "Create a group" icon at the bottom of Layer panel). Remove Fill to 0%.
Now move on to the text effect. Double-click on the group (or use "Add a layer style" icon or go to Layer > Layer Style > Stroke...), from drop-down list select "Stroke". In window that appear set Size: 2px, Opacity:50%, Fill Type: Gradient, set black & white gradient with "Reflected" style, Angle: 90 degrees.
Go next. Add Inner Glow with Opacity: 100%, Noise: 10% and set color #ff7878, Choke: 0%, Size: 7px. This style creates depth and highlights letter.
Add Satin style with color #212121, Opacity:63%, Distance: 12px, Size: 19px. Satin on the text gives volume and adds color.
Gradient can create the basic color of the text as a Satin. Set up gradient #000000 > #73c1ff > #840000 > #ab0000 > #d20000 > #ff8383. Set Style: Reflected, Angle: 90 degrees, Scale: 31%, Opacity: 100%.
Add a bit of texture. Use a diagonal pattern. If you do not have you can create it or use another from Step 16 or add custom "Web Patterns" from Photoshop (click on Pattern > Small gear > "Web Patterns"). Set Blend Mode to "Divide", Opacity to 100% and go next.
To highlight text in the picture I used "Outer Glow" style with Opacity: 35%, Noise: 20%, Color: #73c1ff, Spread: 0%, Size: 250px. Also change Contour like shown in image below.
So, duplicate text group (Cmd/Ctrl + J or layer > Duplicate layer...) and change color in style "Outer Glow" to #ff1e1e and reduce Opacity to 30%. On image bellow you can see what happened after the addition of style. The most important thing is set group Fill to 0% and don't use Opacity otherwise it will affect the style.
Create a sound wave by using a text. Duplicate any text group (Cmd/Ctrl + J or layer > Duplicate layer...) restore Fill to 100% and remove layer style (just grab "Fx" and drop into a trash). Convert this group to Smart Object (Layer > Smart Objects > Convert to Smart Object). Change layer Blending Mode to "Overlay". Go to Filter > Distort > Wave... Set for Number of Generators: 217 for Wavelength min: 1, max: 64, Amplitude min: 5, max: 35, Scale: 100% for both values and Type: Sine, Checked "Repeat Edge Pixels".