This tutorial uses these techniques: color selection, font size changes, rasterizing layers, linking layers and changing brushes.
This tutorial will help you make a two color text file like this:

First pick the colors you will be working with
Set the foreground and background colors. To set the foreground color click once in the foreground box. This will bring up the color selector. Select the color you want to have by pointing to it and clicking once. Now click on the double arrow right beside the foreground box, this will change the color to the background. Now set the second color you want to work with.
Now you are ready to open up a new document, I have opened up a 6in x 4in 200dpi transparent document. Select the Text Font you want to work with and type it out. This will in my example make a black text with a font size of 120 pt. You can set the font size by clicking on the drop down box. But this will only go to 72 pts. Therefore I click inside the size box and type 120 (delete the other size font). Now type your text in the document.

Now switch to your other color by clicking on the double arrow. Make a new layer and type the same text. You will notice that this is not aligned with the bottom, no problem you just need to drag it over the first text (in my example the pink text will be over the black text).


Once you have your layers in place then link the layers. Do this by clicking on the link box in the layers pallet.

You will now need to rasterize each text layer to be able to erase parts of it. In the layers pallet. Right click on the layer you will rasterize. Then select rasterize from the box that appears. Rasterize both layers.

This is what it looks like with both layers rasterized.

I have selected the square brushes to work with to give a strait edge.

When you change brushes you will be asked this.

Click on OK, unless you have brushes that you do not want to lose. Then you can select append to add the square brushes to the currently loaded brushes.
Now you can erase from the top layer the part you want to show below. The eraser is on the tools box.
And you are finished. You can merge the two layers and save to make a .png transparent file.
Put tutorial here