So , first off. go to google chrome , or your default web browser and search "Eye" . Choose an eye you like . here the one im using.
http://2.bp.blogspot.com/-o6BU9wNibE4/T00XHkjfGWI/AAAAAAAAABc/8dq5Hwd7FAc/s1600/eye.jpg
Paste it into a new image , on its own layer
Create a new layer , double click the layer to go to "Layer Properties" . and change the mode to "Overlay"
Heres an image
:
Next up , on the new layer we just created [Layer 2] , color in the pupil , in any colour , like so.
http://i.imgur.com/frNS3.jpg
Use the magic wand tool to select the red area that i have created [ or any color you made ] and go to Effects , Textures , Rainbow Twist , decrease the X and Y Factor to your liking , hit OK . unselect it and look at your rainbow eye .
http://i.imgur.com/5OhgS.jpg