Tutorial
Click on thumbnailed images to enlarge

1. open up a new document, 400 x 400 with a white background and set the background color to black
2. select the rectangle tool, which is directly under the Text tool, and set it to the square tool.
3. randomly place different sized squares all over. but not too big. try for something like this

4. go to adjust - blur - radial blur and set it to Zoom, 44%-47% and do this 2-3 times. it should look a little clumpy. somethign like this

5. duplicate this layer 2 times
6. on the 2nd layer (the 1st copy) go to Effects - Distortion Effects - Polar Coordinates and set it to Polar to Rectangular. Set the blending mode of the layer to lighten.
7. on the 3rd layer (the 2nd copy) go to Effects - Distortion Effects - Polar Coordinates and set it to Rectangular to Polar and set it to Repeat. Set the blending mode of this layer to lighten.
8. Merge the layers, and colorize it by going to Adjust - Hue and Saturation - Colorize. the settings i used above were Hue: 104, Saturation : 151
feel free to add an effect, like the grundgy pixel effect.
Tutorial Comments
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it takes a whole lot more steps(I'm sure there's an easier way).
But what I did was
1-Open a new canvas
2-Make a new raster layer
3- The square step(randomly place squares)
4-Duplicated that layer about six times.
5 The first layer(te one above the background) I set at a 9 Gaussian Blur
6- The next one up I placed at motion blur 90 degrees 75% strength.
7- The next one up at 180, 75%strenth
8- Next one up 270 degrees, 75% strength
9- The next one 0degrees, 75percent strength
10-And the top one Gaussion blurred it again.
11-Then I merged everything but the background.
12- Go to effects> disorttion effects- polar coordinates. Set it to rectangle to polar, wrap.
13- Dupilcate this layer.
14- Select the top layer. Effects-Geometric-Circle. Set it to wrap.
Then you'll kinda have something similar.
Doesn't work for older versions than 9. We dont have radial blur. :p Well, PSP8 doesnt.