Final image:

Adding Freeze effect to Text:

1.) Open a new document; fill the background color with any color that would suit the background. I used a dark blue shade in this example.

2.) Type a text with color black and use a font in which the effect would be visible. That is instead of a narrow font, use a broader one.

3.) Now we can apply the effects to text. Create a copy of the text for future reference and make the following changes to the text.

Select, Layer > Layer style > Blending options and make the following adjustments.

A.)Select blending options in layer box, set the fill opacity to Zero so that the text loses the color black and takes the background color.

B.) Select Bevel and emboss and select- inner Bevel, use the smooth option, size to 13 and depth to 35.Set the angle as 117 degree and use highlight and shadow set to 100% and keep the color as white.

C.) Select the Texture option under Bevel option and select the texture named clouds and keep the depth as 15 and scale as 25. Once you have given these effects, click ok.

4.) Make two copies of this layer using CTRL + J to give a brighter look. So totally you have three text layers.

5.) Select the third copy and use the option Filter > ripple to spread the design and select the mode as overlay.

6.) Create a new layer and select the Brush tool and use black color and draw the freeze points at the corner of texts. You can use the fade option in Brush presets for the required style.

7.) Select the original text layer and right click and select the option copy layer style.

8.) Now select the layer where you have used the brush tool and right click the layer and select, paste layer style. Now create another copy of this layer with style to get stronger effect.

You can finally blend all the layers.