Do some searching for "chromatic aberration." Here's a recent thread about it in the photoshop forum. But you'll find lots of talk about this sort of effect all over the place; it's been very popular over the past couple years.
Re: this effect by Sean Mullen on Sep 26, 2011 at 7:33:36 pm
To do this effect manually, you need to mix channel separation and frame shaking.
Channel Separation -
Apply the Set Channels Effect to your footage (Effect > Channel > Set Channels)
Duplicate your layer three times
Set your shift channels to only one color per layer, turn the rest off.
For example, layer 1 take red from red, layer 2 take green from green, layer 3 take blue from blue.
Set all layers to Add transfer mode.
Frame shaking -
Apply this to effect to each layer. Set two position keyframes, highlight the keyframes and use the wiggler. In the wiggler, set (apply to) to spatial path and (noise type) to jagged. Adjust your frequency and magnitude to your liking. Hit apply. Use the Motion Tile effect with the mirror edges option checked. Play with the output width and output height to cover any space that appears around your frame. Make sure to turn on motion blur in your comp.
Additionally you can use the wiggle expression to achieve this effect.
There are also many After Effects distortion tools on the market that can give you this look, here's a few that I recommend:
Separate RGB from AEScripts
Data Glitch from AEScripts
Damage from DigiEffects
Twitch from Video CoPilot