1. Start a new image, I used 640x480.
2. Hit D to set the colors to default.
3. Filter > Render > Clouds.
4. Filter > Distort > Wave (Use all default settings, except change the type to "Triangle").
5. Image > Adjustments > Hue/Saturation (Colorize it...I set the Hue to "-180").
6. Create a new layer.
7. On the new layer, Filter > Render > Clouds.
8. Set the layer blending mode to "Overlay."
9. Filter > Distort > Zigzag (Play around with the settings ;) )
10. Image > Adjustments > Hue/Saturation (Colorize it... I set the Hue to "200").
11. Copy the layer.
And you're done ^_^
Creator B)