I have released JavaScript library to create an effect of burning text. There are number of options that you can customize – colors, font and burning speed. You can see the demo and play with all the options at ponticstar.com/projects/burning-words.

The script uses canvas element that is a part of HTML5 specification. The element is currently supported by the latest versions of Mozilla Firefox, Google Chrome, Safari, and Opera. It is not natively implemented by Internet Explorer as of version 8.