1. Make a new picture (CTRL+N) i used the format 477x250 pixels.
2. Press 'D' to reset the colors, then make the primary color red. Now your primary color is red and your secondary color is white.
3. Click on Filter > Render > Fibers, set Variance to 64 and Strength to 64, OK
4. Click on Filter > Blur > Radial Blur, set amount to 100, set Blur Method to Zoom and set Quality to Best.
5. Make a new layer, fill the layer with white color (CTRL+BACKSPACE). Click on Filter > Render > Fibers, OK
6. Click on Filter > Blur > Radial Blur, OK
7. Select the new layer and set the 'Blend Mode' to 'Overlay' (look at the image below)
8. Select Layer 2, click on Filter > Distort > Pinch, set Amount to 100, OK.
You should now have an image which looks something like this:
9. If you want to change the color of the image, you can select a layer, press CTRL+U and change Hue to the color you want.
Here is my final result:
More Tutorials: 
