Heres a little tutorial for yah.
Here is my first stage:
I started by zooming right in, starting a new layer, and grabbing the 1px pencil tool with black colour. I just did some random clicks and lines along the text, copying the style of the "Left" text.
Second stage:
I decreased the opacity of the black "cracks" in the text to match the approximate colour of the black in the "Left".
Third stage:
Again, zoomed right in with the 1px pen tool, except with white this time. I created the basic outlines of the distortion or splatter coming off the text. Again, multiple clicks and a few lines.
Fourth stage:
I used the blur tool to soften the rather rough shape of the splatters. Brush strength of about 23 or so with clicks to soften instead of mouse down, hold, and drag.
Fifth stage.
Same as the third stage, except added less of the dots and kept them generally to the inside of the blurs I created.
Sixth stage:
Blurred the dots I added in 5th stage out a little bit. Brush strength of about 20.
Final stage:
Blurred out the dots a tad bit more and added some more white "clumps" coming off the text. Also, I added some white inside the text to take away some of the black cracks in the text.
Remember it is all about tweaking. I should have turned down the opacity a bit on the blurs or splatters but I'll leave it up to you when you create your own, if you don't use the font.
Is it perfect? Pffft. Of COURSE not! However, I created it in about 5 minutes as a sort of tutorial for you to maybe pick up some techniques from. Maybe later if I'm up to it I'll create a better looking final image but for now, enjoy the quick tut.
Cheers man.