I just finished watching Chris Orwig's tut on Clipping Masks. I wrote down his steps, making small changing for clarification purposes. His example let the text remain transparent (actually the purpose of the clipping mask in this case). I added a color overlay.

Here are the directions I followed. (I intend to make a video of this as soon as I refamiliarize myself with AShampoo's Snap3 which I haven't used in a long time!)

Using a Clipping Mask for Decorative Text

Open an image and the layers palette

Double click on "Background" layer to change "Background into "Layer 0" thus converting that layer into a regular layer which you can move around.

Click on the Text icon in the Tools Bar and Click on the centered icon (lines representing text) at the top Options Bar, so your text will be centered.

Choose a font from the drop-down font list (Click on down arrow next to font name in top Options Bar.)

Click in picture and start entering your text. Adjust your font size by highlighting what you typed and changing the font size in the options bar at type. If the color comes out wrong click on the color box on the options bar at top and choose another color from the color picker.

Click on Move tool (top of toolbar at left) and drag the text to where you want it.

(Any time you want to change the text, double click on the T in the layers palette.)

Click on Text layer at top of layers pallet and drag that layer below layer 0 (bottom of layers palette) Text will no longer be visible.

Place mouse on line between bottom text layer and layer above. Hold alt key as you click on the line between the layers. Text will appear on a transparent background and will be filled with your picture.

At top menu click on Layer, then Layer Styles, then Drop Shadow. A box will open up. click on Bevel and Emboss at left, Contour and Stroke.

You will see a black outline around your letters which may not be the thickness you want. We will change that soon.

Click OK and go to the layers palette.

Double click on Stroke (under Effects in the Text layer)

Click on the black box next to color in the window that opened up.

In the color picker click on the upper left corner to change black to white. Click OK

Change size to 1 pixel

Click on the top layer of the layers palette.

Hit Control-J to make a copy of that layer above it.

Click on the new top layer and drag it below the text layer.

Go back to the text layer and double click on Drop Shadow, Bevel and Emboss and Stroke and experiment . (For example click on Bevel and Emboss and put a check in Color Overlay (at left). click OK to go back to layers palette, then double click on Color Overlay, whcih will take you to Layer style adjustment window

Click on the Color Box and change color. click OK.

Back to the Layers Palette. Move the Opacity Slider.