Above is an example of what can be done Adding Text in PSP
Firstly open a blank file. Size 200x200 or any size of your choice,
set background to transparant or a background of your choice in
the box that comes up. Click ok.
Click on the text icon and click the cursor inside the blank
canvas. Type the text you want to use, change the style size
and font here in this box at the top left. v in PSP change it on
the toolbar at the top.
To change the colour click the stroke box on the right for an
outline and fill for the colour.

If you want to, you can add a
gradient or pattern, where the colour changes from
one to another.

Click the arrow on the side of the colour box if you
a want gradient or pattern.
Click ok to add it, then wait for the icon to show an arrow cross,

which means you can move it. You will see 'Marching Ants' around
the text. This means you can play around with it whilst its like
this. Or you can click selection from the tool bar top right and
select none and finish.
Effects
Whilst the ants are marching, go to Effects menu
Go to 3D effects and inner bevel. Now click on presets and have a
fiddle around with the different presets until you find one that you
like. I like metallic and soft edge. You can play around with
density and smoothness etc here. click ok when you are happy.
If you don't like it, just click undo and try another.
Keep the marching ants if you want to add more, if not selections,
select none.
Go to 3D effects again and click Drop Shadow. You can then add a
shadow to the image. Of course you may then wish to play with
plug ins and filters etc. Crop the image using the selection tool
Then save as a jpeg or a gif file.

Play around with the effects and see what you
can come up with.