Start of creating an new image of 400*400
Use clouds (Filter- Render- Clouds)
and a difference clouds (Filter- Render- Difference clouds)
Now go to Mezzotint ad use these settings:



Then apply an Radial Blur (filter- blur- radial blur) to it with these settings:



Now go to Auto-Color (Shift+Ctrl+shades.gif
Duplicate the layer and apply the ZigZag filter on it (Filter- Distort- ZigZag) and use the normal settings.
Now set the blending mode to Lighten:



Now merge the layers (Ctrl+E), duplicate the now merged layer and set the mode to Screen.
Merge the layers again (ctrl+E) and duplicate the layer again (repitiv eh?)
Apply a Wave on it (Filter- Distort- Wave), use the normal settings and set the mode to Lighten.
Press Ctrl + U to colorize the image (don't forget to click on colorize). I used the settings:
0
50
0
Go to the bottom layer and use colorize again (Ctrl + U) and click on colorize.
Now use the settings:
200
50
0
Yes, again the 2 colors I like the most fud.gif

This is my final image: