Its very simple. just follow the steps

Step 1: Make a new document 800x600.
Step 2: Fill background layer w/ black.
Step 3: Place a lense flare in the middle of the image.




Step 4: Click on Filter -> Noise -> Despeckle. (Do this a couple of times (4-5)).
Step 5: Click on Filter -> Liquify. (This is where your imagination comes into play. Play around with it until you get something that you like. I came up with this.)



Step 6: To add color, click Image -> Adjustments -> Hue / Saturation and click Colorize. Mess around with these settings too, until you find what you like. I got this.

Other results i got..