Trick Photoshop

You can use an image for a Text effect in Photoshop favoured for magazine layouts. All you need is the image. It can be done in any version of Photoshop.
Step 1 : I have opened this free stock image in Photoshop. You can use any image.
This image belongs to ~daydreamers-stock
Step 2 : Click the Text Tool and then the Horizontal Type Tool.
Step 3 : Click in the top panel where the red arrow points to select a Font. Click on a Font to select. Choose a thick Font. 
Step 4 : Draw out a Text Box where your Text will go.
Step 5 : Set the Font Size by typing directly into the box.
Step 6. I have typed in my Text.
Step 7 : Right click the Text Layer. Choose rasterize Type from the pop up. Without rasterizing you cannot edit the Text.
The Text has been rasterized. 
Step 8 : Press CTRL+A. A selection of marching ants selects the entire image.
Step 9 : Click on the Move Tool.
Step 10 : Look in the top Panel. You will find these icons. Click the second and fifth.
The Text moves to the dead centre of the image.
Step 11 : Press ALT and double click the Background Layer.
Step 12 : The Background Layer changes to Layer 0. The Background Layer cannot be edited. It has now been unlocked and can be edited.
Step 13 : Press CTRL+T. A selection forms around the image. Next press SHIFT+ALT and drag the left top corner handle down. The image will decrease in size proportionately. Press ENTER.
Step 14 : Click back on the top layer. CTRL+CLICK the Layer thumbnail.
Step 15 : A selection of marching ants selects the Text.
Step 16 : Press DELETE. The Text disappears, but the selection remains.
Step 17 : Click back on Layer 0.
Step 18 : Press CTRL+J. The selection is copied pasted into Layer1.
Step 19 : Drag the topmost layer to the trash can. It is no longer needed.
There are only two layers left in the Layers palette.
Step 20 : Click the MOVE TOOL. Press SHIFT. Drag the Text up. Similarly, if you want you can position it at the bottom.
Step 21 : I have shown it how to move the Text to the top or bottom. You can also move it to the sides.
Press CTRL+T. A selection forms around the Text.
Step 22 : Hover the cursor around the corner edges of the selection. A small bent arrow will appear. You will be able to rotate the Text with it.
Step 23 : Use the Move Tool to move the Text to the left. Rotate and position it as shown.
Note that the selection is still in place.
Step 24 : Use the middle handles at the top and bottom to align the Text with the image. Use the right arrow key to position the Text accurately.
Step 25 : After aligning the Text with the right arrow key, press Enter. This is how my image looks.
Step 26 : Press CTRL+J. layer (containing the text) duplicates into layer 1 copy.
Step 27 : Click the Move Tool. Press SHIFT and drag the duplicate Text layer to the right. Use the left arrow key to align the Text to the right side of the image. Press ENTER.
Step 28 : Click on Layer 0.
Step 29 : Press CTRL+New LAYER ICON. A Layer 2 forms below Layer 0.
Step 30 : Make sure that the Foreground Color is set to Black. If it is not press x and then d on the keyboard. Press ALT+BACKSPACE.
Step 31 : Layer 2 fills with Black.
This is how the image looks.
Step 32 : Click on Layer 1 copy. It contains the Text on the right side of the image.
Step 33 : Go to Edit>Transform>Rotate 180 degree.
Step 34 : The Text at the right is rotated 180 degree.
Step 35 : Click the Blending Options button and click on Stroke.
Step 36 : Click the Color. The Select Stroke Color dialogue box opens.
Step 37 : Type in 'ffffff' (6 fs) in the highlighted box. The 6 fs stand for White. The Stroke Color now changes to White. Click OK in the Select Stroke Color dialogue box.
Step 38 : Drag the Size slider. You can see the Stroke applied to the Text at right. Click OK.
Step 39 : Right click the Layer 1 copy. From the pop up click on Copy Layer Style.
Step 40  : Click on Layer 1. Right Click. From the pop up click on paste layer Style.
The Text at the left now has the same Stroke.
Step 41 : Click on Layer 0. Right click. Click on Paste Layer Style.
Step 42 : The Stroke has been added. Click on Layer 1 copy and Layer 1 in turn. Use the left and right arrow keys to reposition the Text on both sides accurately.
Step 43 : Click on Layer 2.
Step 44 : Click on the New layer icon and a new Layer 3 forms above Layer 2.
Step 45 : Click the Elliptical Marquee Tool.
Step 46 : Press SHIFT. You will be able to drag out a perfect circle with the Elliptical Marquee.
Step 47 : Make sure that the Foreground is set to Black and Background to White. If not press x and d on your keyboard. Press CTRL+BACKSPACE. It will fill the circle with the Background Color which is White. You will, however, not be able to see the circle filled with white as it is hidden under the other Layers. Press CTRL+D to deselect.
Step 48 : With Layer 3 selected, click off the eye icon of Layer 1.
Step 49 : Now you can see the circle filled with White. 
Step 50 : Press CTRL+A. A selection of marching ants are visible around the image.
Step 51 : Click the Move Tool. Click the 2nd and 5th icon on the top panel.
Step 52 : The Circle of white moves to the dead centre.
Press CTRL+D to deselect.
Step 53 : Go to Filter>Blur>Radial Blur.
Step 54 : In the Radial Blue dialogue box set the Amount to 100, Blur Method to Zoom and Quality at Best. Click OK.
A progress bar will be visible after you click OK.
Step 55 : This is the effect I have got.
Step 56 : Keep pressing CTRL+F to reapply the filter till you get an effect like this. You may need to do it 20 to 25 times.
Step 57 : Click back the eye icon on Layer 0.
And, here is the finished image.
Other photoshop tutorials are here