A step by step breakdown is a lot, especially since a lot of this would be RND. What I mean by this is you're going to have to do your best to figure out what looks good and what you like for the effect.
At the very least this will give you a basic overview and hopefully help you avoid a couple of pitfalls I already see you making.
1. Take your initial object and dup it once or twice.
2. On the dupped objects apply a texture deformer. But make sure to set the direction to "normal", the default is handled and it leads to the issue you currently have with your model (all deformation just point in a single direction dictated by the handle).
3. Add your noise textures. you gotta play with this and find what you think looks good, I'd recommend either a 3d noise or 3d fractal. Offset each noise from one another if you use multiple objects.
4. Assign a new blinn or phong to the duplicated objects. Play with the transparency and reflectivity settings till you got what you are looking for.
5. If you don't have enough polygons at this point you can add a smooth before or after the texture deformer.
Attached is an image that I made quickly running through this procedure. Again, this is one of the foundations of 3d art, taking something you see and reproducing it. There's nothing technical here, it's all just how you want it to look and what you do with the tools available to you.
It also looks like you rendered your effect, I personally think you should avoid it and just do a viewport render. The final result's quality does not warrant render time. The links you sent all look like viewport renders (though maybe it would look amazing after rendering).
I hope this helps, even though I didn't go into the material setup (again, just play around with stuff, accept it will take time and be difficult). If you have any other questions let me know
