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Here's a fairly easy three-step process:

1)  Using the normal brush tool, create vertical red and white lines, all on them on one separate layer.  Make the lines slightly narrower than what you want them to be when you're all done.  If you like, apply a bevel & emboss to give them some dimensionality.

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2)  Select Edit>Transform>Perspective.  Widen the bottom and narrow the top, as shown here.

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3)  Now apply the warp tool (Edit>Transform>Warp) to give the lines the appropriate curves.  As an optional step, you can blur all or part of the lines to give it the desired effect.

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