I already edited this graphic out of a screenshot, I used the zoom tool for precise editing with the eraser. Ok, well lets start the tutorial. I have already got the photoshop file for you, you just got to apply the steps now, download the PSD file here:
Download Now
Ok, done downloading, now lets have some fun.
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Duplicate layer |  |
Duplicate the Dude layer (right click "Dude" layer and select duplicate layer).
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Duplicate the Dude copy layer |  |
Duplicate the Dude copy layer. Your Layers Window should look like this:
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Add Motion Blur |  |
Now add motion blur to the "Dude" layer - Filter>Blur>Motion Blur and use these settings:
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Add Motion Blur Again |  |
Now lets add the same Motion blur effect to the "Dude copy" layer aswell, use the same settings you used on the "Dude" layer.
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Apply Filter-Distort-Ripple |  |
Now still on the "Dude copy" layer I want you to go to Filter>Distort>Ripple and use the follow settings:
Your graphic is now finished. Told ya it was a easy tutorial. Your dude should look something like this:
This is the same effect used in the header for a Unreal Tournament Template I designed: