For this tutorial I have made a couple of brushes you can download here.
Now lets get started!
Step 1
First step is to create a new transparent image. It can be any size, though we want it to be larger then our peace of tape.
Step 2
Apply a rectangular selection (press R your keyboard). Again it can be any size, though I have made mine roughly 30px*90px (give or take a few). Fill your selection with a grey colour (I used the HTML notation #dddddd).

Step 3
Select the Eraser tool (hold Shift+E on your keyboard). Make sure in your Tool Options dialogue, you have the check box for Hard Edge selected. While erasing the left and right side of your rectangle, try to keep it fairly random to avoid making it symmetrical, as this will just make the torn edges more realistic in my opinion.

Step 4
Time to add some highlights! Select the airbrush tool (select A), then using a soft brush create some white diagonal squiggly lines. You can also add some dots in places.

Step 5
Now select none (hold Shift+Ctrl+A at the same time), then duplicate your layer (Layer -> Duplicate Layer). You need to select your bottom layer (Layers -> Stack -> Select Bottom Layer). Now Gaussian Blur this layer (Filters -> Blur -> Gaussian Blur) and set the Blur Radius to 3*3 then click OK.
Step 6
You should now merge your two layers (Ctrl+M the OK), then to make your tape translucent I would suggest changing the Layer Opacity to somewhere between 40 and 70 .... and you are now done!
Possible outcome

Results? Comments?

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