Step One

Create a new canvas
size: 500×500,
background: white
Resolution: 72 pixels/inch
Set your background colour to #6B83B3 and foreground colour to #F3FF00 (or use your own highly contrasting colours - experiment!)
Step Two

Render some clouds, using filter–render–clouds Now you should have something like that shown to the left (the clouds filter is pretty random, so try again if you dont like the first one)
Step Three

Now go to filter–distort–wave and enter the settings shown to the left.
Number of generators = 10
Wavelength = 10 - 999
Amplitude = 1 - 24
Scale = 16 - 100
Type = Square
Undefined Areas = Repeat Edge Pixels
Step Four

Now go filter — distort — polar co-ordinates, and select rectangular to polar.
You should have something resembling that shown to the left.
Step Five

Now do a radial blur, filter — blur — radial blur and use the settings shown to the left.
Amount = 100
Blur method = Zoom
Quality = Best (or good, if your computer cant handle best)
Step Six

Now render a lens flare as close as you can to the bottom centre of your image, as shown to the left.
Note that you should use 105mm Prime lens type, and 111% brightness
Step Seven

Now do another polar co-ordinates flip, rectangular — polar (filter — distort — polar coordinates)
And you should get something like that shown to the left.
Step Eight

The next step is to make it symmetrical, to do this select the left half (using rectangular marquee tool) and delete it, then duplicate the current layer (which should have only the right side of the image left on it) and then go edit–transform–flip horizontal, then just line it up to the center line, and you should have something looking like that to the left.
Now simply merge the two layers (select the higher layer and press ctrl + e)
Step Nine
Now as you can tell, this already looks a lot like our wallpaper (albeit with slightly different colours) - if you want to make it look the same, simply duplicate the layer twice, and change the layer blend mode of BOTH new layers to lighten and then flip ONE of the new layers vertically (edit–transform–flip vertical) - and you will get the shape used for the infinite-fire wallpaper - but why not experiment further with blending modes (make more layers, change modes etc.) - here are some variations!