- Duplicate the cloud layer. (CTRL+J).

Now apply the following Extrude filter to the new duplicate cloud layer:
- Filter->Stylize->Extrude

- Apply this filter setting to the extruded layer: Filter->Blur->Guassian Blur. Enter 5.0.

- Set the extrude layer's opacity to 50%. and the original cloud layer to 70%

BONUS STEP!. The following step creates a ray of light shining through the shape.

Merge the 2 cloud layers together. (link the 2 then press CTRL+E) then set its blending mode back to SCREEN.

- Now Duplicate the cloud layer again.

- Select the TOP cloud layer and then go to Filter->Distort->Polar Coordinates. Choose: Polar to Rectangular

- Then Rotate the image: Image->Rotate Canvas-> 90CW.

- Then go to Filter->Stylize->Wind: MEthod: Wind. Direction: From the Right. Press CTRL+F to reapply the filter.

- Now to to Filter->Stylize->Wind again, this time change direction to: From the Left. Press CTRL+F to reapply.

- Now rotate it back to original position: Image->Rotate Canvas->90CCW

- then go to Filter->Distort->Polar Coordinates. Choose: Rectangular to Polar

Now use the eraser tool, with a 200 SOFT EDGE brush, erase away the TOP layer on areas around the shape, and other areas whereever you think is neccesary.

HERE IS MINE: CLICK on image to view FULL SIZE