Splash Effect

2. Click on Filter > Noise > Add Noise, set Amount to 400, set Distribution to Gaussian and check the checkbox at Monochromatic.

3. Click on Filter > Blur > Radial Blur, set Amount to 100, set Blur Method to Zoom and Quality to Best, OK

4. Press CTRL+F to repeat the Radial Blur.

5. Click on Filter > Artistic > Plastic Wrap, OK.

6. Press CTRL+U, set Hue to 235, and check the checkbox 'Colorize' down-right, OK.

7. Duplicate the layer, select the new layer. Click on Edit > Transform > Rotate 180. Set the 'Blend Mode' of the layer to 'Overlay'. (look at the image below)

8. Press CTRL+U, set Hue to 125 and Saturation to 75.

9. Duplicate the second layer, click on Filter > Artistic > Plastic Wrap, OK.

10. Change the blending option of the new layer to 'Luminosity' and set Opacity to 33%.

Here is my final result: