Well this is my first time making up a tutorial , but I will do my best

-First you open up a Transparent background from 500x500

- Then you add Clouds : Filter-Render-Clouds

- You duplicate your Layer by using CTRL+J

-Then you add a little Blur in layer 2. The setting are these:

Amount is 90
Blur Method is Zoom
Quality is Good


-You go back to layer 1 and cover it all with your Brush Tool

-After you done that you put Layer 1 in Overlay with Layer 2( you can also already add some collors in it , but I didn't)

-Then you Merge your layers by using CTRL+E

- When you done that , you duplicate you Layer again by using CTRL+J

-Now you have 2 layers , you put in layer 1 a Pinch. You do this by following these steps : Filter-Disort-Pinch. The setting are :

Amount is 100%

-Putt in Layer 1 a Wave. The steps are : Filter-Distort-Wave.The setting are:

Number of Generators: 30
Tipe: Sine

and just leave the rest as it allready stands.

- Just like befor you put a Pinch in it, but not in Layer1 but in 2

- Putt also in Layer 2 a Twirl. Steps: Filter-Distort-Twirl.The settings are:

Angle : 437

-I putted in Layer the Collor ( you add a collor by using CTRL+U )

HUE : 0
Saturation: 51

-You do this in layer 2 as well , only there is HUE : 36.

-After that you Overlay Layer 1 and then you have a quit good looking desing.

You can leave it like that or putt some extra in. The extra is this :

-You Merge your layers again by using CTRL+E

-Duplicate your layer by using CTRL+J

-Go to Layer 2

-Do again Filter-Distort-Twirl. But now put the angle on - 437

-Go back to Layer 1 and put the Blending Change Mode on Pin Light.

Well thats about it
My result was :

http://img137.echo.cx/img137/5725/firsttut9nu.jpg

Just copie that link an paste in you browers , and then you will see my final result.
Well I hope you like it.