Step 1: Start a new document 800×600 (or any size you want). Press D to reset your colors to black and white.
Step 2: Go to Filter » Render-Clouds
Step 3: Apply the unsharp filter. Filter » Sharpen » Unsharp Mask.
Amount: 500% Radius: 30px. Threshold: 30
Step 4: Apply the WAVE distort filter. Filter » Distort » Wave with this settings.
Step 5: Now duplicate this layer. Then apply the following filter to the new duplicated layer.
Filter » Stylize » Extrude
Step 6: Apply the Gaussian Blur filter to the duplicated layer. Filter » Blur » Gaussian Blur 0.7px
Step 7: Now set the top (duplicated layer) layer’s blending mode to: Darken, and tune the opacity down to about 70%. Now flatten the image. Layer » Flatten Image.
Step 8: Now go to Filter » Render » Lighting Effects. Now feel free to play around with the settings here to get your own result. Here is one I used.
Step 9: Go to color balance and choose color. This is my final result.
Congratulations, you’re done!
