1. Begin with a new file, 800×600, with a white background, then create a new layer in the layers palette, now press D and X to set your foreground color to white and the background color to black.

2. Now go to Filter>Render>Clouds, now should it look something like this.

3. Now duplicate the layer, go to the layers palette and right click on layer 1 and choose Duplicate Layer, then go to Filter>Distort>Shear and do something like the image below shows. ( Click for larger view )

Now should it look something like this.

4. Then go Filter>Blur>Gaussian Blur and set the Radius to 5 pixels, then once again go to Filter>Blur but this time choose the Radial Blur and set the Amount to 90, Blur Method Zoom and Quality Good.

5. Now time to duplicate layer 1 copy and at this point you know how to do that if not go back to step 3. Now when you have duplicate that layer go to Filter>Artistic>Plastic Wrap and set the Highlight Strength to 20, Detail 1 and the Smoothness to 15.

6. Then press Ctrl+U and do this settings. ( Click for larger view )

And that’s it you are done ! This is what I came up with