Now, open image of splash, place it in the "background group". Use Ctrl+T to free transform it, and place it somewhere in the smoke. Change its Blending Mode to Screen.
Hit Ctrl+I to Invert the colors, then if you're bothered with some parts of the splash, just erase it with Eraser Tool or using Layer Mask.
Drag another splash to the group. Change its Blending Mode to Color Dodge.
Again hit Ctrl+I to invert colors and you will immediately get some nice sparkly effects. As usual you can edit it by erasing some unwanted parts. Keep adding those various splashes as many times as you feel to make the effect more full.
Now, add another splash to this group, this time keep it big. Change its Blending Mode to Color Dodge.
Go to Image > Adjustments > Brightness/Contrast, and then Image > Adjustments > Hue/Saturation. Apply following setting to the splash. You should receive similar result as in 3rd image below.
Try to blend this splash more to the background, you can either erase it using Eraser Tool or a Layer Mask.
Next, open the image of smoke. Place it in the "background group" as well and change its Blending Mode to Screen.
Then apply few adjustment layers to the smoke layer – Hue/Saturation, use Clipping Mask (Ctrl+Alt+G), and then Color Balance (use Clipping Mask again). Type the same settings as mine and you should achieve similar golden smoke result as below.
Now add Layer Mask to the smoke and refer to the brush settings from step 19. Use same ones, vary your brush size and using black color, paint on mask to get rid of the unwanted smoke parts.
Now leave the "background splashes" group, create new layer above all layers. Grab Ellipse Tool, pick a bright green color and while holding Shift draw a circle.
Now go to Layers Palette, grab Paint Bucket Tool (G) with color picker set to black and fill the Shape Layer's layer mask with black. Then grab Brush Tool (B), switch to white color. Set your brush to very, very soft settings (Hardness 0%, Flow 5%), go to Layers Palette and left click on the Vector mask thumbnail, this should spot your circle shape over the image.
Then, when you find it, just paint as indicated below to reveal a little bit of the green color.
Repeat the previous step as many times as you want and use different colors for the circles. I won't give you colors to paint those circles, as it won't make sense. You're able to change them whenever you want, since they are shape layers. So you just need to experiment here which color works the best in your case. On different backgrounds, different colors will work better. So don't use bright colors only, vary them!
Next go above all layers and create new layer. Use Paint Bucket and fill it with black color. Hit D on keyboard to set colors to default. Then go to Filter > Noise > Add Noise and depending on the size of your document use proper amount of noise. Then change the layer's Blending Mode to Screen.
Finally, while you're still in Layers Palette above the noise layer, add a new adjustment layer - Hue/Saturation (Hit Ctrl+Alt+G for Clipping Mask) and use my settings from below.