I duplicated the background layer and added a radial blur to selection of the Ferris wheel.
Then I used the smudge tool to blur seats which were excluded from the radial blur selection.
Added a layer mask to remove the blur from some of the trees visible through the wheel.
Added several layers of lights, stroking circular paths for the rim lights.
Added the radial blur to loose circular selections on each of those layers.

forum discussion: http://forums.dpreview.com/forums/read.asp?forum=1006&message=29326730

original image by festerxx: