This preset is one I am very proud of.  It is very versatile. 
It reminds me of the soclear preset.  There is alot of room for
"playing" and adjustments.  I have two versions of it, and I will
include both in the zip.  One was modified to "brighten up" the
effect.  NOW, This is NOT a rainbow preset.  It will not make the
rainbow effect.  It is applied over a rainbow preset.  However,
you can get the idea.  It's a clear preset :)
Enjoy!
Carrie