Well its not that tough!
What you need though is footage of the white light concept you are talking about, you would need to find it somewhere somehow, I do not know of a way to do this in premiere.
Then it would be simple, right when you want the record scratch to enter you would freeze the frame and then add several keyframes in the motion effect with each key frame shifting the video up down left right vertical random directions in a very short time space and then cut straight to the white light footage.
The trick is getting the footage as I haven’t the faintest clue how you could do one in premiere, you could animate one in flash or if you want to go seriously old school you could make a sequence of high res images in photoshop, you would need no more than 25 or 29, depending on if you are in ntsc or pal, as the white light should not last longer than a second before it turns into the circle which you could simply use motion to decrease in size with keyframes until it just dissapears.
Add sound effects to the sequence of images animating this and you got yourself a realistic white light death to a video!