(didn't wrote this one)

Set a line of text, select it using the rectangular-marquee tool,
then run the Polar Coordinates filter
(choose "Polar Coordinates ..." from the Distort submenu on the Filters menu,
in the "Polar Coordinates" dialog box, choose the "Rectangular to Polar" option and click "OK").
Your type will be distorted around a circular or elliptical shape, with the exact
effect depending on the shape of the selection you chose.
You may need to experiment a bit to achieve predictable results, the range of effects is limited,
and the type itself becomes distorted.But with a little creative play, you can get some pretty interesting results.