1: Open a new document (Ctrl + N) preferably 400x400 w/a transparent BG
2: Make sure your FG is black and FG is white, if not, just press D to reset it
3: Choose the gradient tool, pick FG to BG gradient, and set the mode to difference
4: Go crazy with clicks (30-40 clicks)
5: Filter > Render > Clouds
6: Duplicate layer
7: Choose the gradient tool (it should still be on FG to BG and diff. mode)
8: Once again, go crazy with clicks (30-40 clicks)
9: Filter > Distort > Wave
10: Input the following settings:
    Type: Single
    Number of Gens. = 5
    Min. = 10 Max. = 120
    Amp. = 5, 35
    Horiz. = 100% Vert. = 100%
    Undefined Areas = Repeat Edge Pixels
11: Set blending mode to Lighten
12: Merge layers (shift + ctrl + e)
13: Once again, duplicate your layer
14: Filter > Distort > Twirl (angel = 200)
15: Set blending mode to lighten
16: Duplicate layer (your newest layer)
17: Edit > Transform > Rotate 180°
18: Merge layers (shift + ctrl + e)
19: Ctrl + U > Check the Colorize box and select a color
20: If you want, add some effects

My final product