1. Open Image Ready. Create a new file. Type the text. Right click on the layer and select Render.
2. Make three layer copies of the original layer. You will get the following layer structure.
3. Select second layer.
4. Filter> Distort > Ripple (size: Medium Amount: 50%)
5. Apply Ripple for rest of the two layers with different amount.
6. Make Frames from Layers. Experiment with the amount percentage.
7. Set the timings for frames.
8. Set the no. of time you want to play the animation.
9. Check the performance in the browser
File > Preview In > Click the browser you want
10. Save the file with File > Save Optimized or File > Save Optimized As