Adrix89 is right, a magnify shader can do explosion "shockwaves" like that. Black doesn't zoom at all and while zooms a lot, so I guess you'd just draw a greyscale shockwave and resize it really big, while fading it out with opacity.
So, how does the light work?
It's done by shader parameters so it's not quite so easy as having a sprite, and at the moment it's also in texture coordinates which makes it a little fiddly, but it works. I'll see if I can make it a bit easier to use.