Separate the Red, Green, and Blue channels, set them all to Add mode (with a black plate underneath them). Then move around each of the three images to your heart’s content! In the example you posted, the Red channel is the only one that’s being shifted — down and to the right. Green+Blue makes Cyan in additive-color land, and the red, by itself, makes the red part:

Remember that black is absence of color. So the lightness of her cheek goes red in the down-and-right direction, while darkness of her hair goes cyan in the down-and-right direction.
You can get my PS file that made the above sample here.
Ben Unguren
Motion Graphics & Editing
http://www.mostlydocumentary.com
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