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 Photoshop: