Create a new document 100x100 pixels. Fill the Background/Layer 1 with Black. Create a new layer. Fill the layer with 50% Grey. Duplicate this layer 3 times. For simplicity rename the layers like Example 1.

Use Difference Clouds Filter on Layer 1: Filter> Render> Difference Clouds, ensure default colors are chosen by typing "D" .
Equalize Layer 1: Image> Adjust> Equalize.
For a more cloudy effect repeat (1) and (2).
Repeat (1) and (2) on Layer 2, Layer 3 and Layer 4.
Change the Transparency of Layers 1, 2 and 3 to 50%.

Spherize Layers 1,2,3 and 4: Filter> Distort> Spherize - 100%, Normal. Use the Circle Marquee tool choose an area of Layer 1 that includes the area that was spherized but does not touch the sides of the picture. Invert the selection: Shift-Control-I. Hit the Delete button. Choose Layer 2 and hit Delete. Choose Layer 3 and hit Delete. Choose Layer 4 and hit Delete. Deselect: Ctrl-D. Increase the size of the canvas: Image> Canvas Size - 200x200 pixels. Fill the Background with Black again.

Your picture should look something like this:

Before starting this step, make sure you are in RGB mode. Tick 'Colorize' case in Hue/Sat. menu. Adjust the Hue/Saturation of Layer 4: Control-U -Hue=0 (Red).
Adjust the Hue/Saturation of Layer 3: Control-U -Hue=-130 (Blue).
Adjust the Hue/Saturation of Layer 2: Control-U -Hue=+146 (Green).
Adjust the Hue/Saturation of Layer 1: Control-U -Hue=50 / Saturation=50 (Tan).
The colors in this example are just the used for this tutorial. Experiment with hue, saturation and lightness until you find a color combo you like.

Your picture should now look similar to this:

Copy Layers 1,2,3 and 4, placing the layers in the order shown in image below.
Adjust the Transparency of Layer 4 Copy to 50%.
Gaussian Blur Layer 1 Copy, Layer 2 Copy, Layer 3 Copy and Layer 4 Copy: Filter> Blur> Guassian Blur - Radius=15

Flatten the four blurred layers into one layer by choosing Layer 4 Copy and hitting: Control-E three times. Copy the flattened level you created and move it to the top of the Layers list.
Adjust the tranparency of the blurred Layer at the top until you think it looks good.
Control-Click Layer 1. This selects the shape of Layer 1.
Invert the selection: Control-Shift-I.
Choose the Top blurred layer and hit Delete.