After being shown a good website with some nice tutorials in photoshop (http://www.tutorial9.net/photoshop/colorful-glowing-text-effect/)

i had a go at one of the tutorials, and this is what i made: 

Then i tried playing with some photoshop effects, here i used the smudge tool, which ws very effective, and made the reflection look like it was being reflected in rippling water. 
And here i added another gradient layer, which looks kind of like there is a big light coming from behind.