Apple is about to release their new version of Mac OS X, code-named as Snow Leopard. With this new release there will be a totally new version of Quicktime. One thing that is really cool is the new icon for the app. Because of that I decided to play a bit with Photoshop to reproduce the effect.
Step 1
Open a new document in Photoshop, I used 512x512 pixels. Then start adding some guides using squares for references. They will be useful to create the circles. With the Ellipse Tool (U) create a circle.