New Document

Make a 400x400 document. You can edit>fill the background layer to any colour you want, I suggest a moderately dark gray

Selection

Make a Square Selection and Fill with Black

Apply Filter-Lensflare

Now add a filter>render>lensflare using these settings:

Changing Mode

Now change the Layer Blending Mode to Screen, and press ctrl+u to change to a colour.

Apply Filter-Wave

Here is where the real fun happens. Duplicate that layer, and on the new layer do a filter>distort>wave with something like the settings here:

Editing

You should have some sort of cool design. What you'll need to do is repeat step 5 many time, experimenting with settings, but more importantly moving the duplicated layer. But doing this you'll let the lens flare be hit by different waves.

Final

Keep on repeating these steps until you finally come out with something like this:

*note that ctrl+f repeats last filer applied*

*note that if you repeat a the same wave on the wave on the same flare many times you'll get extending flows.