Apply Difference Clouds Effect

Make a 400x400 document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Go to Filter>Render>Difference Clouds and press CNTRL+F one time.

Add Lens Flare

Now we want to apply some lens flares, go to Filter>Render>Lens Flare. Make as much flares as you want, they will be the glowing star bursts, so the more the better =). I used this many:

Radial Blur

Now apply Filter>Blur>Radial Blur and use these following settings:

Hue settings

Now press CNTRL+U and apply these Hue settings:

Duplicate the layer

Now duplicate the layer and set Screen blending mode to the duplicated layer:

Your done, heres my starburst effect: