Hi guys,
Here is what I've come up with after a bit of playing with animated textures. It reminds me of the Predator movie.
Enjoy

Very cool and nice effect! I like it! But for long/huge text you need to scale/transform text to small object)

Nice predator effect

Thanks for the feedback guys. Glad you liked it.
CybeREX
You are right. This effect requires pretty hi-rez textures which means that it might be a good idea to use this workflow: small text mesh -> rendertarget -> static sprite in the main scene.