Create a new 250 x188 @ 72 dpi graphic and type the letter 'O' in 150 point Arial Black.
Goto Filter>Noise>Add Noise and set the amount to 29 with Gaussian and Monochromatic selected. Then go to Filter>Pixelate>Crystalize and set the Cell Size to 3. After that, go to Filter>Blur>Gaussian Blur and set it to 2.
Invert the text by going to Images>Adjustments>Invert and change the background to black. After that, go to Edit>transform>rotate 90° CW. Finally, go to Filter>Stylize>Wind and choose "Wind" and "From the Right".
Go to Edit>transform>rotate 90° CCW and for the last step we are going to color the image ice blue. Images>Adjustments>Hue Saturation brings up a window where you can click the colorize box, set the Hue to 200 and the Saturation to 100.