Source :
http://www.escrappers.com/specialfxhand.htm
Note : If seeing Blood and Gore makes you feel sick then please do not read ahead
1. Take a photo (or scan it) of your hand.
2. Extract it from the background
3. Give it a "nice" random cut.
4. Make it look lifeless, by Desaturating the Reds and Magentas. If the fingernails are visible, make them darker.
The gore part begins here... you can take a photo of "meat" (sorry!) but I would not recommend scanning a t-bone.
5. On a new Layer, fill a "flesh" selection with red and add pieces of "fat" with the paintbrush... I'm no butcher, so I made it with my signature brush.
The colors are #AE1317 and #F0B08F.
6. Use the Turbulence Tool in Liquify (SHIFT+CTRL+X).
7. You can blend the colors by using the Blur Tool and add a little depth with the Burn Tool.
8. Place and adjust the Flesh layer behind the severed hand.
9. Injuries:
A) Bruise: Smudge/Blur red brush on a new layer.
B) Abrasion: paint with a Disolve Brush, then Blur.
C) Cuts and Blood: Paint with red, add textures. The Burn Color Mode seems to work best for this....and don't forget the stitches.
The Final Image :