1. Right, we shall began with this image:



2. Duplicate this layer, then sharpen your base by going to Adjust > Sharpness > Sharpen. Set the top layer to Overlay and you will now have this:



3. Next, create a new layer and fill it with White (#ffffff). Take out your eraser tool and find a large vector circle brush when selecting your eraser shape. (there are lots at deviant art - i'll add a brush set very shortly!) Delete part of the white layer, try trial and error to find the most effective cut. I got this result:



4. Now add any text you want on a new layer. Try using Effects > 3D Effects > Drop Shadow to make it stand out.



5. Finally, add some pale coloured light bursts above this. To do this use a large circle brush with hardness 12 and put them on a new layer set to screen.