Select the Polygonal Lasso Tool, take Feather 10 and draw the ZoI you want. When you have the "marching Ants" go to Edit -> Stroke. Width: 1 Pixel, take your Colour and select the Location you want. Depends how you drew the Circle.
Copy the Layer, put it om Multiply to get a stronger Colour. Do it again if the Colour isn't strong enough.
For the single Systems you can do the Same using the Elliptical Marquee Tool. Use Shift to create a 100% round Circle.
@Smokey, pretty cool. But Smokey doesn't look like Smoke.:P
"Who is it doing this synthetic type of alpha beta psychedelic funkin'?"
I think it is not finished, and pretty awful to be honest. Needs alot more time
and effort put into it. You need to remove the background layer, and add a
drop shadow to the smoke so it would look like its floating on the page.
Then erase out the straight edges, with the eraser and a soft basic brush at 100 px
with an opacity of 34.