The initial version of this post was very crude and was more like a scribble. Earlier versions of Photoshop did not had the animation feature and hence the animation had to be created in ImageReady. But now, since Adobe Photoshop CS2 contains the Animation feature, you need not export it to ImageReady for this animations.
The steps and sample images have not been rewritten, instead just edited to make it more readable.
Adding the animated glow part alone is described in this tutorial. The image blending, and the fonts, and the text effects are not shown in this tutorial. The glow effect can be used not only to the text but also to other objects also. It just depends on your creative imagination.
I have taken the example of adding the glow to the text, since it becomes easy to explain.
1. Create a new file in Photoshop with black background.
2. Write your text in a new layer with desired font and layer style.
3. export to imageready..or u can do the steps one n two in imageready itself. for more stylish designs prefer PS.
3. Create a new layer on top of your text layer.
4. Draw a small rectangle using the Rectangle Marquee tool and fill it with desired colour.
5. Rotate the bar into required degree using the Edit->Free Transform (Ctrl + T is the shortcut)
6. Open the Animation Window. In the first frame, which is currently being selected, place the bar near the top part of your text such tat it does not cover your text.
7. Duplicate your current frame using the icon next to the trash can in the Animation Window.
8. Place the bar in the desired last position down the text, in the second frame.
9. Add motion tween between the first and second frames using the “tween” option as marked below. If you have selected the first frame, select “Next Frame” in the “Tween with” box.
10. Add more number of frames to increase or decrease the transition effect.
11. Clicking on the bar layer, add “create clipping mask” from the Layer -> Create Clipping Mask (or use the shortcut Ctrl+Alt+G) so that the bar remains behind the text layer during the animation.
12. And you are done! 😀
The final test Gif, used for this tutorial: