This is a quick and simple tutorial on how to create Transparent Text.
1. First thing to do is to open up your image, then take the Text Tool and type in your text, the color on the text doesn't matter.
2. Now right click on your text layer in the layers palette and choose Blending Options, then apply this settings.
3. And the last thing to do is to change Fill to 0%.
That's it you are done! This is what I came up with.
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NEMESIS