Ok, you hear about quickmasks, what the hell are they, what do they do? Its just another way of selecting things, like a more powerful version of those selection boxes and circles.
Before your use this tutorial, double click on the quickmask button, check the box that says "color indicates selected areas"

make a image, 3x3 inches. put some text on it, select a good color background, push delete.
Keep this text selected

Push Q, your text should look some variation of red/pink/light purple.
We are now in quickmask mode.
It may look like your text is deselected, but don't worry, its not.

filter->sketch->chrome

Make your foreground color white, you can't have colors in quickmask mode, only greyscale.
Using the paintbrush, opacity set to 100, color over the red thats not inside your text.
Your font shape will stay the same.

Push q, we are back in normal mode.
Put your background color to white, push delete.
See, quickmasks are just selections.

Touch up the images, add a drop shadow, some cutout, ect.