There are the steps that create My "Cosmic Effect" Photo in Photoshop CS5.
Step 1 - Click on Layer - New- Layer. The select the "Paint Bucket Tool" and fill the background with #000000.
Step 2 - Use "Magnetic Lasso Tool" to cut the selected area.
Step 3 - Use "Move Tools" to move it, after that use "pencil tool" to polish.
Step 4 - Use "History Brush Tool" with white color in random size and brush on the picture.
Step 5 - Use the "Eraser Tool" to remove the circle that in front the body.
Step 6 - Use "Magnetic Lasso Tool" to cut the selected area.
Step 7 - Open the Fractal and place it on the picture and change the blending mode of the fractal to "Overlay". Create a new layer and select a soft round brush. Use different colour to roughly cover the background.
Step 8 - Change the blending mode of the layer to "Color".
Step 9 - Use the "Eraser Tool" to remove the color that in front the body.
Step 10 - Select "Rectangle Tool" and create a rectangle.
Step 11 - Change the blending mode of rectangle to "Overlay". Go Layer> Layer style > Bevel and Emboss and change the Depth to 100% and change the angle to 30 degree. After that, use Alt+move tools to copy more rectangle.
Step 12 - Go Image > canvas size > height change to 110%. After that, use the "type tool" to key in the name and student ID.
Step 13 - Create a new layer and use the "Brush Tool" to crush around the body and change the layer mode to "Overlay".
Completed ^^
Reference : http://www.entheosweb.com/photoshop/cosmic_effect.asp