Start a new document. I created a 600x400 document with white background.
Now press "D" on your keyboard to reset the colors pallete to Black and White.
Now go to Filter->Render->Clouds
Now go to Filter->Stylize->Glowing Edges
Edge Width: 5
Edge Brightness: 10
Smoothness: 8
Then go to Filter->Artistic->Plastic Wrap
Highlight Strength: 10
Detail: 9
Smoothness: 6
Now simply add a red color to it, to do this, you can either use Hue/Saturation or Color Balance
I use color balance because it gives me more control. go to Image->Adjustments->Color Balance.
Shadows: [ +80 ] [ 0 ] [ -25 ]
Midtones: [ +80 ] [ 0 ] [ -25 ]
Highlights: [ +80 ] [ 0 ] [ - 25 ]
Here's the final
