First of all this is not my creation. My friend gave it me thinking i will make some better sigs instead of the hopeless ones i have now. Little did he know that i never like image sigs. Oh well i know i am in a minority. So here goes for those who do need it.
This is what we are after:
All this is using photoshop 8
1> New document 500x500
2>Fill with black
3>Filter>Render>Lens Flare (place it anywhere)
4>Repeat step 3 until you have 3-5 lens flares, make sure to spread them out
5>Filter>Sketch>Chrome
Settings:
Detail:10
Smoothness:0
6>Duplicate the layer 5 times
7>Filter>Distort>Wave
Settings:
Wave Generators:50
Wavelength: Min:500 Max:700
Amplitude: Min:500 Max:700
Horizontal:1%
Vertical:5%
Wrap around
8>Select your layer right under your top layer
9>Filter>Distort>Wave
Settings:
Wave Generators:50
Wavelength: Min:500 Max:700
Amplitude: Min:500 Max:700
Horizontal:5%
Vertical:1%
Wrap around
10>Select your next layer down
11>Filter>Distort>Wave
Settings:
Wave Generators:50
Wavelength: Min:500 Max:700
Amplitude: Min:500 Max:700
Horizontal:10%
Vertical:1%
Wrap around
12>Select the next layer down
13>Filter>Distort>Wave
Settings:
Wave Generators:50
Wavelength: Min:500 Max:700
Amplitude: Min:500 Max:700
Horizontal:1%
Vertical:10%
Wrap around
14>Select the next layer down
15>Filter>Distort>Twirl
Settings:
150 Degrees
16>Select the next layer down
17>Filter>Distort>Twirl
Settings:
-150 Degrees
18>Set all the layers blend mode to lighten
19>Shift+CTRL+E to merge all of the layers
20>CTRL+U | Click the colorize box to color it
21>Filter>Blur>Gaussian Blur
Settings:
3.0 pixels
22>Edit>Fade Gaussian Blur
Settings:
Opacity: 100%
Blend Mode: Overlay
Done!
This is what we are after:

All this is using photoshop 8
1> New document 500x500
2>Fill with black
3>Filter>Render>Lens Flare (place it anywhere)
4>Repeat step 3 until you have 3-5 lens flares, make sure to spread them out
5>Filter>Sketch>Chrome
Settings:
Detail:10
Smoothness:0
6>Duplicate the layer 5 times
7>Filter>Distort>Wave
Settings:
Wave Generators:50
Wavelength: Min:500 Max:700
Amplitude: Min:500 Max:700
Horizontal:1%
Vertical:5%
Wrap around
8>Select your layer right under your top layer
9>Filter>Distort>Wave
Settings:
Wave Generators:50
Wavelength: Min:500 Max:700
Amplitude: Min:500 Max:700
Horizontal:5%
Vertical:1%
Wrap around
10>Select your next layer down
11>Filter>Distort>Wave
Settings:
Wave Generators:50
Wavelength: Min:500 Max:700
Amplitude: Min:500 Max:700
Horizontal:10%
Vertical:1%
Wrap around
12>Select the next layer down
13>Filter>Distort>Wave
Settings:
Wave Generators:50
Wavelength: Min:500 Max:700
Amplitude: Min:500 Max:700
Horizontal:1%
Vertical:10%
Wrap around
14>Select the next layer down
15>Filter>Distort>Twirl
Settings:
150 Degrees
16>Select the next layer down
17>Filter>Distort>Twirl
Settings:
-150 Degrees
18>Set all the layers blend mode to lighten
19>Shift+CTRL+E to merge all of the layers
20>CTRL+U | Click the colorize box to color it
21>Filter>Blur>Gaussian Blur
Settings:
3.0 pixels
22>Edit>Fade Gaussian Blur
Settings:
Opacity: 100%
Blend Mode: Overlay
Done!