First of all, i havent time to make a detalied guide.I hope you will understand this fast-guide.
Make a new img.
After, color your background and duplicate the frame.
Write your text, and duplicate the layer.
Go: Filer->Liquify(Shift+Ctrl+N)and using the Bloat Tool push the first letter
Duplicate the frame and the layer(be carefull the Mxc layer must be hided)
Go again to Filer->Liquify(Shift+Ctrl+N), and push the X letter.
Do the same with the C letter(sorry i forget to take screen)but is easy duplicate the last frame and the MxC layer, after just hide the Mxc layer(only the copy must me shown)
Okay, after just duplicate your frames or multiplicate and arrange them how you want.
Here is the final result.
P.S more frames more beautiful text.
This tut is made by me.