Alright, it's been a while since i've done a totally aweseom effect. So i decided to catch up with myself, and show you guys something that is really sweet. If you're a lord of the rings fan, which i am! Then you'll love this tutorial. Let's get started!
1. First, get a new document 500x500 with transparent background. Press
"D" to make your foreground and background back to its original colors.
2. Filter > Render > Clouds
3. Filter > Render > Difference Clouds (Press "Ctrl+F" 8 times to repeat the effect)

4. Next duplicate the Layer once, "Layer > Duplicate Layer"
5. Filter > Stylize > Glowing Edges (Edge Width : 1 | Edge Brightness : 20 | Smoothness : 11)

6. Set that layer to overlay. (Should be the top layer)

7. Now go, "Filter > Distort > Twirl (Angle : 300)

8. Now Select the Bottom Layer, and go "Filter > Distort > Twirl (Angle : 136)
9. With the bottom layer selected, press "Ctrl+B" to bring up the Color Balance settings, Use these settings:
For Shadows:
Blue : 16
For Midtones:
Red : 100
Yellow : 100
For Highlights:
Yellow : 57

10. Now select the bottom layer again, and go "Filter > Distort > Polar Coordinates (Rectangular to Polar)

11. Now take your Elliptical Marquee Tool

and make a selection around the circular figure.

12. Now right-click inside the selection, and select "Layer Via Copy"

13. Now with your newly copied layer, go into your layer styles, and add a stroke, and outer glow with these settings:
Stroke:

Outer Glow:

14. New Layer
15. Now on the new layer, it's time for that nice glossy look, Take your Elliptical Marquee tool, once again, except this time, make a selection within the gl@$$ ball, like this:

15. Now take your gradient Tool, Make sure it has these settings:

Now Drag the gradient down the length of the selection, and release. It should now look like this:

16. Now, in order for this to look right, you have to make sure your layers are in the right order. Here is how they should be.

Well! Thats it, let me know what you think of it. Once again, your finished result should look like this! Let me know if you have any problems!

-Scott