Reset your colors then open a new document.

Now we are going to use the popular lens flare to make something like what we've got below. You have to go to the lens flare filter everytime you want to create a new flare. You will need to do it 4 times.
This is what yours should look like after applying the filter 4 times.

We are now going to use the trusty combination of the chrome filter now. It should now look something like what we've got below except bigger of course.

Bring up the hue/saturation box to get some color to this thing.

Duplicate this layer then change the new layer's blending mode to Lighten. Now lets rotate this image 90° clockwise.

Repeat this step 2 more times, you shouldn't have to change the blending mode because it should already be at Lighten, but if it isn't then change the new layer's blending modes to lighten.

This should be what your image looks like now.

Now open up Adobe ImageReady to animate this thing.

You should now be in Adobe ImageReady. Merge the visible layers in here.

Find the animation properties then create a new frame.

Locate the Layers palette then click on the "Background" layer (should be the first layer). Select All then copy, now move up to "Layer 1" (this layer should be blank).

Now paste your selection you just made.

Now go back to Adobe Photoshop and it should be synchronized with Adobe ImageReady. Now while you are in Adobe Photoshop we are going to use the pinch filter then press okay without touching the settings.

Switch back to Adobe ImageReady now. Find the tween button and use these settings. Then to save your image!