RAINBOW STRING
To get this effect, start out with a white foreground,
black background, fairly large font. Type whatever
you want, and before you deselect the type,
add multicolored Noise (Filter/Noise/Add Noise) on a fairly
high setting. Now, crystallize the text
(Filter/Pixelate/Crystallize) with a Cell Setting of 10.
Now, solarize the text (Filter/Stylize/Solarize) and mess
around with levels until you get an effect that you like, then
use the KPT Find Edges Soft filter (Filter/KPT 2.0 Filters/
Find Edges Soft) to get a nice multicolored string effect.
VARIATION
To get this effect without text, i.e. to create masses of string
with no apparent rhyme or reason, do the same as above, but skip
the text; just add noise, crystallize, and find edges.