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) Now go to Filter>Render>Lens Flare and use these settings:
Put the lens flare right in the middle of your canvas.
3) Go to Filter>Liquify and you now want to choose the following settings in the top right of the liquify popup:
After doing this follow my red lines in this graphic below:
 You can be creative and drag abouts whereever you please.
4) Now you got a graphic similar to mine below:
 Duplicate the layer and add the duplicated layer blending mode as MULTIPLY.
There ya go, here is my ghostly figure:
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