Making a Compact Disc

Make a new document, 1000x1000 pixels, transparent background.

With the circular marquee tool and make a prefect circle and fill it with white.

With the same marquee tool, make a smaller circular selection on the same layer and hit DELETE key. Your cd should look like this for the moment.

Now CTRL+click on the layer's thumbnail to bring up the selection. Fill it with a blue color. I used #008ec3

Now duplicate the layer and on the upper layer from the layer style, give it a gradient overlay like this in my example:

Make a new selection like in my example and hit delete key to delete it. Put this layer on "Difference" mode and lower the opacity to 60%. Here is my example:

Now take the gradient tool, go to gradient editor and choose the "transparent rainbow" as in my example, then choose the angle gradient.

Make a new layer above all the others and fill it with the gradient (drag the gradient from the center of the cd to a corner). Your image should look like this:

Now CTRL+click on the big cd layer to bring the selection back, CTRL+SHIFT+I to inverse the selection and then go again to the gradient layer and hit delete. Put the layer on "Hard light" mode. Now your image should look like this:

Now duplicate the rainbow layer, choose move tool and rotate the layer like in my example, 90-130 degrees. Keep the layer on "hard light mode" but lower the opacity to 50-70%. You're done: