I already have my base resized, cut, and sharpened. The photo is of a small friend of mine, Chloe Grace Moretz, who celebrated her 9th birthday today (the gifts she is holding are from me). She is also an actress, and she has starred in The Amityville Horror and Big Momma's House 2. :)
Now, create a new layer and fill it with #133249. Set it to Exclusion 100%.
Merge all layers (layers > merge > merge all) then desaturate the icon (colors > adjust > hue/saturation/lightness with the settings - Edit: Master; Saturation: -100; Lightness: 0).
Repeat the Channel Mixer, with the same settings.
Now add your text, brushes, etc. I chose to add text.
And voila, you're done!