1. Make a 400x400 document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Make sure your background is white.
2. Make a new layer and grab the rectangular Maqruee select too. Now hold shift and make a few vertical rectangles like below:
Now use the paint bucket tool to fill in the rectangles. I used black as my color:
3. Apply Filter>Stylize>Wind and use these settings:
Now apply the same wind effect again but change the wind so it comes from the Left.
4. Apply Filter>Distort>Ripple with these following settings:
Apply these hue settings (Ctrl+U):
Your graphic should look similar to:
5. Now duplicate the layer we have been working on. Set the layers blending mode to Color Burn.
Now press Ctrl+E to emerge the 2 layers together so we can work on both of them.
6. Now apply Filter>Distort>Polar Coordinates and use Rectangular to Polar settings.
Go to Filter>Distort>Twirl and use these settings:
7. Now we got the basic cool looking background happening. Make it look cleaner and better by adding some blending options. So right click the layer and go to Blending Options. I used Inner Glow and Outer Glow as well as Drop Shadow with all the default settings. Here is my final graphic:
I slapped a buddy of mines logo in the middle to hide the middle twirl.
More Tutorials: 
