I was just foolig around in photoshop and the result, I think, look good
1. Lets start by making a 500x500 image and then make the background black background "black"
2. Then go to Filter> render> Lens flareand place tham in a simular spot as these:

3. Now go to Filter> sketch> chrome and use these setings:
Detail:10
Smoothness: 0
and it should look something like this:

4. Copy the background layer and go to Filter> Distort> Wave... and use these settings:
press randomize few times,find something you like. I recomend u use something... smooth

5. Now do the same 2 the other layer, set blending mode of the layer top layer(top layer on list) to lighten and the merge the layers.
6. now copy the layer 4 times and rotate all(edit>transform). one 90°cw, one 90°ccw and one 180°, the last 1 should not be rotated.
If you did this right it should look somthing like this:
or
it should look simular to these 26.merge the layers that you just rotated.
7. copy it again an go to edit> Free transform and have it rotate it 45° like on this picture:

and then set blending mode to lighten
8 Merge the layers and add some colour. Your done
(to add colour press control+U and check colorize)

I made 2 images to show you that the results arent allways the sameI also made this tutorial in another forum so dont think I copied it
(its with my same sig so you should know i made it)