Haremos un nuevo documento (Ctrl+N).

Creamos un nuevo layer (Shft+Ctrl+N).

Double click on the Line tool, in the line options set the weight to 5 or more pixels depending on the thickness of your wire.

Draw a straight Horizontal line (Tip: Press the shift key while drawing a line).

Click on the 'Preserve Transparency' box for your line layer, and apply a black to white Linear gradient to the line.

Unclick the 'Preserve Transparency' box of the layer. Now go to the Wave filter: Filter> Distort> Wave. Leave the options set to Default except for the ones mentioned below.
Type: Sine.
Horiz: scale to 0%
Vert: scale to 25% to 50%
Undefined Areas: Repeat Edge Pixels.
Now just hit the 'Randomize' button until your wire looks the way you want it to. Then click OK to apply the filter. If you want less bend in your wire, lower the setting for the 'Vertical' slider.

To add color, just Duplicate your wire layer, turn on the 'Preserve Transparency', and fill the duplicate wire with the color of your choice. Then set the color layer to either 'Overlay' or 'Softlight'.

Now for the lighting effect: Duplicate the colored layer and fill it with white (make sure the 'Preserve Transparency' is ticked on before filling it).

Once it's filled, select the contents of the layer by holding your Ctrl key and clicking the Layer name. With the selection selected around the wire shape, choose any Selection Marquee tool and use your arrow keys to nudge the selection down by 1-2 pixels, depending on how thick your wire is, and hit Delete.

If you feel the highlight is too strong, adjust the 'Opacity' of the layer, or apply a 0.5 Gaussian Blur to it.