Step 1: Start a new image whatever size you want background colour transparent, I used 800x600, then hit D to change colours to black and white.

Step 2: Go to Filter--> Render--> Clouds.

Step 3: Then go to Filter--> Pixelate--> Mosaic, Cell size between 15-20.

Step 4: Go to Filter--> Blur--> Radial Blur, Amount: 20 | Blur Method: Zoom | Quality: Best.

Step 5: Go to Filter--> Brush Strokes, Accented Edges | Edge Width: 2 | Edge Brightness: 35 | Smoothness: 4.

Step 6: Go to Filter--> Stylize--> Find Edges, Then hit Ctrl + I to invert the colours.

Step 7: Change colours by hitting Ctrl + U check the colorize box and use any colour you want.

Step 8: Duplicate the layer by right clicking on the current layer and clicking "Duplicate Layer" and press OK

Step 9: On the new layer go to Filter--> Distort--> Polar Coordinates use the polar to rectangle setting.

Step 10: Duplicate the layer. Go to Edit--> Transform--> Flip Horizontal. Then set this layer to Lighten.

Step 11: Merge the top two layers by holding Ctrl + E.

Step 12: Duplicate this layer again. Go to Edit--> Transform--> Flip Vertical and set this layer to Lighten also like in Step 10. Then merge the layers by holding CTRL + E.

Step 13: Duplicate the newly merged layer and go to Edit--> Transform--> Rotate 90° CW. Set this layer to Screen or Lighten.

Step 14: Go to the 2nd layer and change it to Screen or Lighten also.

Step 15: Grab the Eraser Tool and set the opacity low to make it very soft so you can delete the hard lines from the top layer. Try to get everything to where the lines flows together to make it look smooth..

Step 16: Merge the top two layers by holding Ctrl + E.

Final Product

Well, your done and learned how to make this wireframe effect! Below is an example of a finished product.