Okay. Here's a quick and dirty update on this technique. You'll only need 2 layers for this technique.
Open a a new transparent background.
First PLACE a background layer. Use any pics.
Next add your LARGE text layer on top.
Then switch the two layers. Picture layer on top of text layer.
If you can't see the text you are right where you need to be.
Hold down OPTION key and click.
I added a shadow and a GRADIENT layer which goes on the to.
If you don'twant the white background save as a png.
You can download a .png of this on my Deviant Art account here.