1) Make a 400x400 document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Go to Filter>Render>Difference Clouds and press CNTRL+F one time.
2) Now we want to apply some lens flares, go to Filter>Render>Lens Flare. Make as much flares as you want, they will be the glowing star bursts, so the more the better =). I used this many:
3) Now apply Filter>Blur>Radial Blur and use these following settings:
4) Now press CNTRL+U and apply these Hue settings:
6) Now duplicate the layer and set Screen blending mode to the duplicated layer:
Your done, heres my starburst effect:
