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1) Filters>Render>Noise>Solid noise and increase the Y size to stretch the shapes horizontally


2) With the Curves tool, apply a curve made of 4 to 6 sines



3) Color>Map>Gradient map and map with a Dark blue to light blue gradient

Now that Sinus has gone GEGL it has become a lot more fun.

[attachment=3362]

Not bad, but you have little control on the shape, you have to click "New seed" until you get something you like.

Nice. How did you distort the text to match the waves?