First, make a new document in Photoshop(400x150 is what I used)
make sure that your colors are set at default by pressing d
Next, go to Filter>Render>Clouds:

Now open up a grunge brush pack (I used stalemateisgod) and brush the clouds a bit:

Create a new layer and invert the brush color and start brushing again:

Create another layer, invert the brushes and brush over that layer:

Create one more layer, invert the colors and brush over that layer as well. Once you are done brushing set the Layer Blend to Soft Light:

Now duplicate the last layer and set the layer blend to overlay. Once that is done go to Layer>Flatten Image:

Now to add the render. I will be using a render that I cut out quickly for this tutorial. Feel free to use it:
Link to RenderOpen the render and copy it onto your sig(hit ctrl+shift+u to desaturate it):

Now take the magic wand tool and select the space around your render. Now hit ctrl+alt+d to bring up the feather window. set it to 20px and hit ok. then hit the delete button to blend the render into the background. I hit it about 3 times:

Now for text. I used Distress at 36pt with a strong anti-alias. For text effects, I used
this,
this,
this,
this, and
this:

For the pixel font I used Visitor TT2 BRK at 12pt with no anti-alias. Text effects were a gray color overlay and a 1px black stroke:

Now add a color balance layer and click ok. now go to Filter>Render>Clouds. Now duplicate that layer and hit ctrl+I to invert the clouds on the duplicated layer.
For Color Balance 1 I used:
Shadows: +49/0/0
Midtones: +100/-39/-100
Highlights:0/0/0
For Color Balance 2 I used:
Shadows: 0/0/0
Midtones: +100/+42/-100
Highlights: 0/0/0
To create a border, create a new layer underneath the color balance layers and hit ctrl+A to select all. Next go to Edit>Stroke and make a 3px black stroke. Then go to Edit>Stroke again and make a 2px white stroke. Finally go to Edit>Stroke and make a 1px black stroke. Now set the Layer blend to overlay.
After you have done that you should be finished. Keep in mind that this is a very simple tutorial. Mess around with different brush packs, text effects and coloring techniques and see what you come up with.
Finished Product