First of all, create a new document sized 500x500 pixels, then fill any color, it doesn't matter for now. Then apply the following layer style to this layer:
See the result on the picture below. Use dark colors for this effect.
Ok, get out the Custom Shape Tool and find some appropriate shape from the palette:
Drag it onto your canvas like I've done in the below screenshot. Use white color for this shape.
Free Transform.
After that apply the following layer styles to this layer:
We received effect like on a picture below:
Create a couple of shapes more using the same presets to see the effect of the overlay layers.
Now, we have now how to make interesting transparent chameleon effect. Feel free to experiment with blending options and you will receive a lot of interesting effects. We are done!
More Tutorials: 
