Want to be able to make this in a matter of minutes? Well read this tutorial and you can! It's really easy!

1. Make a blank document whatever size you want and fill it with black.
Picture 1

2. Make a bunch of regular lens flares and put them wherever you like.
Picture 2

3. Go to Filter > Sketch > Chrome and use: Detail 10, Smoothness 0.
Picture 3

4. Duplicate the layer (command + J) and set the blend mode to LIGHTEN. Go to filter > distort > wave. Use the default settings and just keep clicking randomize til you get one you like.
Picture 4

5. Repeat step 4 a couple of times. Make sure you're always duplicating the bottom (original) layer, and don't forget to set the blending mode to LIGHTEN. Once you're satisfied, go ahead and merge the layers. (command + e)
Picture 5

6. Duplicate your merged layer and set the blending mode to LIGHTEN. Go to Edit > Transform > Flip Horizontal.
Picture 6

7. You should get something like this:
Picture 7

8. Merge the layers and colorize. (command + u)
VOILA!

AND YOU'RE DONE!

That wasn't even for Photoshop, you're using imageready... but I must say WOW imageready is almost the exact same as ps thats just got way less stuff. Anyway, its usable for PS so it'll stay up.

Anyway, cool tutorial. Nice outcome... but "command"? (mac users... *mumble mumble*)

yeah imageready is the animation program that comes with photoshop, its almost the same but a little watered down, and you can use it for the same purpose as photoshop. what do not-mac users call the command button? its the one with the little apple on it.

oh we call our button with the little apple on it... wait, we don't have one of those. I think your command is our either control or alt button.

Yeah i just remembered imageready now, i know what you're talking about. I was thinking of...... some other companies copy of PS. Can't remember the name.

Nice...Ill have to try this sometime.