Author: Ryan Muder,
URL: http://www.gfxgamers.net

1.New document any size (i used 420×200)

2.Filter > render > clouds

3.Filter > artistic > plastic wrap

4.Filter > stylize > wind

5.repeat step 4 two more times

6.Filter > distort > wave
hit randomize till you find something you like

7.Duplicate the layer

8.Filter > distort > wave
hit randomize till you find something you like and set blending mode to lighten

9.Edit > transform > flip horizontal

10.Duplicate the layer

11.Edit > transform > flip horizontal

12.Ctrl + Shift + E to merge all layers

13.Ctrl + L to adjust the levels you can use the settings you wish by playing around i

used the following settings

14.Ctrl + U to colorize

15.Duplicate the layer

16.Edit > transform > flip vertical and set blend mode to lighten

Final results: