Start a new document. I created a 600x400 document with white background.

Now press "D" on your keyboard to reset the colors pallete to Black and White.

Now go to Filter » Render » Clouds

Now go to Filter » Stylize » Glowing Edges

Edge Width: 5
Edge Brightness: 10
Smoothness: 8

Then go to Filter » Artistic » Plastic Wrap

Highlight Strength: 10
Detail: 9
Smoothness: 6

Now simply add a red color to it, to do this, you can either use Hue/Saturation or Color Balance

I use color balance because it gives me more control. go to Image » Adjustments » Color Balance.

Shadows: [ +80 ] [ 0 ] [ -25 ]
Midtones: [ +80 ] [ 0 ] [ -25 ]
Highlights: [ +80 ] [ 0 ] [ - 25 ]