First, choose a base (image) for your icon/graphic. I'll be using this one:

To turn it into this:
1) Duplicate the base. On the second layer, go to Image > Adjustments > Selective Color. Use the following settings:
Whites
Cyan: -100
Magenta: -50
Yellow: +100
Black - 50
Neutrals
Cyan: 0
Magenta: -15
Yellow: 0
Black: 0
Blacks
Cyan: +100
Magenta: +100
Yellow: 0
Black: 0
2) Duplicate the base and drag to top. Go to Filter > Blur > Gaussian Blur with a 3.0 radius. Set to Overlay 70%. And you're done!