Step 1:
Make a new document what ever size you want.
Step 2:
Do Clouds (Filter>Render>Clouds) and then do Difference Clouds (Filter : Render : Difference Clouds) and tap Ctrl + F a few times.
Step 3:
Do Bad Relief (Filter>Sketch>Bas Relief) and use the following settings:
Step 4: Now Do Radial Blur (Filter>Blur>Radial Blur) and use the following settings:
Step 5: Press Ctrl + I to invert the image. Also duplicate the layer (Layer>Duplicate Layer)
Step 6: Now use Wave (Filter>Distort>Wave) and use the following settings:
Step 7: Now set the layer mode to lighten. Merge the layers (Ctrl + E) and press Ctrl + U for the Hue & Saturation dialog to come up. Check the Colorize box, and find a suitable colour! Here is my finished result:
