K.......here tis..rough and ready :)
New Document 400 x 400 (or whatever)
New Layer, Name rust1........add layer mask......press "D" to reset foreground/background to Black & White.
Render Clouds on Mask Channel
Duplicate Layer Twice...rename to rust2 and inner............should be looking at this.......

Fill the RGB Channels with these 3 browns..........

Now your Looking at this..........

K......back to the Mask
Channels..............hide inner and rust 2
Select the Mask Channel of the remaining visible Layer (rust1)......Indicated
by this icon........

Now Apply Brightness Contrast to the Mask Channel of layer rust 1
Slide the Contrast up to
100% (if your canvas turns Red, you've got the RGB Channel selected)......
........then drop the brightness down to alter the irregularity of the rust
shape.
.....for this example I used minus 20.
Select rust2 layer
and repeat the process, but this time increase the amount of brightness reduction....
....this time I used minus 30......
Now the inner layer......You
can fill this with whatever you want, but for this tut I'm just using white......
Adjust the Brightness Contrast, using minus 50 for the Brightness........this
is a bit OTT, but I want to show the rust effect later.
Nothing is set in stone, tweak and adjust until your happy.
Right Click on the
Mask Channels of all 3 layers and Select "Apply Layer Mask".
Your Image won't change....the mask channel has done it's bit, so we can
safely ditch it.
It's always handy to create
alpha channels of the 3 layers, just in case you loose the shapes later on.
If you want to......... Ctrl-Left Click on each layer, then Select
/ Save Selection and give the channel a relevant name.
Back to the inner layer.......select it and lock the transparency.

Change your foreground colour
to White then Alt-Backspace to fill the layer.
....... add a simple Inner Shadow to give it depth......and your looking
a this .......
Add some Noise to
the 2 rust layers........experiment, tweak etc.....
.... but for now I just applied Gaussian, Monochromatic, Amount - 20'ish......and
I'm looking at this.....
Adjust the Hue / Saturation
of the 2 rust layers.........
For rust1, I used.....
Hue - 11, Saturation - 100, Lightness - minus 46, Colorize Checked.
For rust2 I used........
Hue - 13, Saturation - 100, Lightness - minus 73, Colorize Checked
.
You don't have to be exact,
just go for dark reddy / orangey / browney tones and you should be ok.
Try to retain some of the previous Noise.......(don't go too dark or you'll
lose it).....
....although keep in mind that the next step will lighten the colours slightly.....
...which is Texture.........via the Texturizer Filter.
......here's the settings, apply to both layers............

There is a Rust Bump PSD
on the Photoshop CD (which I don't have , as I'm writing this tut at work)...
......If you want to use this file....use the Texture Drop Down Box, 
and browse to the PSD...don't worry Sandstone is close enough ;o)
.........finally (hopefully).........rust :)
Check out how the variation
in the Hue / Sat has added a Reddy edge to the rust....perfect :o)
There are so many tweaks you could now perform on / in-between the rust layers,
but this tut is getting kinda long,
so for now I'm just going to add some metal and corrode it a little at the edges.
Play with the Blending / Opacity modes on the rust layers , some cool effects
can be had........
As you can see this effect doesn't have to limited to 2 layers, and the shape
doesn't have to be restricted to this method.
Adding subtle drop shadows / fatigue / corrosion / paint between the layers
can produce some realistic effects, as can
taking chunks of this stuff and adding it to interfaces.
Starting off with a large (1200 x 1200) canvas and reducing the image always
adds to the detail.
I'm going to leave this as it is, and get on with the metal..........
(taking break.....tbc....in a bit)
PSD Zipped
Tutorial Zipped.
©
r@mdesigns 2001