Psychotic episodes vary from person to person, but it will always feature a hallucination or other factor that distorts reality (my own definition).
Some people may only hear slight sounds or see some small disturbances in their environment. Others may have full blown psychotic breaks, wherein nothing is "real" to these people anymore, and it can severely affect their everyday lives and ability to function.
My typical hallucinations involve objects cracking, being lit on fire, melting like a Dali painting, distorting (as if being looked at through a glass of water), vibrating, or taking on strange features, such as a wall growing hands. I also see grotesque, disturbing creatures and hear voices that range from babbling noises to threats against my life. Not all hallucinations are frightening: I have some that I consider friends and hold dear.
Some people also become delusional or have bizarre thoughts, although this is not always the case. For example, my mind is rational about 80-90% of the time, but yesterday I decided that collecting pine-straw outside my house would make me a millionaire.
And in response to Daggerz question, yes. You are susceptible to having strong hallucinations, even if your schizophrenia or other form of psychotic disorder is only minor. My psychosis started out small, but it eventually grew to the point where it was an almost constant problem that has affected pretty much every aspect of my life. Not trying to scare you, just trying to give you honest answers.