We'll be making:
Let's start with the base. Crop it to 100x100 (or smaller, if you want, but don't go higher than that or LJ won't let you upload it). Sharpen if you need to.
Then I duplicated my base twice and set both duplicates to screen, 100% (depending on your image, you may want to add or remove duplicated screen layers or skip this step all together).
Next I made a new fill layer (layer >> new fill layer >> solid color) using #04262A and set that to exclusion, 100%.
I wasn't really satisfied with the color so I added a texture by dearest and set it to color burn, 100%.
Satisfied with the coloring, I then added this other texture (my dearest) , erased the black part using the magic wand tool, then some of the white.
My palette looked like this now:
Satisfied, I finally merged all layers, thus leaving me with my finished product: .
*I didn't add step-by-step pictures because it'll leave more to the imagination for you. I'd prefer people not copy directly, but let their imagination/creativity flow.
The rest of my Rumble Fish set can be found here.