Reset your colors then open a new document.

Grab the Brush Tool and make sure your foreground color is white. Then make 3 blobs that look roughly like this below.

Now we are going to use the Plastic Wrap filter and repeat it mutiple times until we get something like the below image.

Bring up the Hue/Saturation box and give it color.

Take the Text Tool and enter the text of your choice. Be sure to center the text on the screen so it is behind the part with the most goo stuff behind it. Right click on the text layer and click Rasterize Layer.

You should be on the text layer still, go to Filter--> Blur--> Gaussian Blur with a 3.0 pixel radius or adjust it so the text looks somewhat similar to what we have below.

Still you should be on the text layer, merge down this layer so now you should have just one layer named Background.

Bring up the Levels box.

To finish off your image just grab your Brush Tool with black as your foreground color and select a big brush(45 Soft) and go around the edges roughly to get rid of the goo. Then go to a more finer brush(17 Soft) and zoom in and take out more of the goo remains.