Create a solid layer and apply the Fractal Noise Effect to it and under “Fractal Type” select “Strings” and bump up the contrast to get some of the noise out of there. . Also, I think it will look better if you set the “Noise Type” to “Spline” Then keyframe the evolution attribute to animate the noise. Add a glow effect maybe. Use this layer with a transfer mode over a aqua bluish backdrop. Should be a good start.
As far as making the text move distort in a wave manner, you could use the same solid from above as a displacement map effect applied to your text layer, but I’m not sure if the stringy effect will look that great when it is used to displace. You could create more undulatung wave displacement with effects like the “turbulent displace” effect. I don’t know, I hope that this helps a little. Let us know how it turns out.
–Jon