1) Make a 400x400 document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Make sure your background is BLACK.
2) Go to Filter>Render>Lens Flare. We want to add a few of these:
3) Now we want to go to Filter>Distort>Wave and use these settings:
Apply your color now. Press CNTRL+U:
4) Duplicate the layer and set the blending mode Soft Light to the new layer:
Emerge the 2 layers together now (CNTRL+E).
Now you got something like this:
 We can make it better by going to Filter>Liquify and smudging the bright lens flare parts around untill you get something like:
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