Start by opening a new file, 16 million colors with a white background. You must start with a square graphic. I started with a file 300 x 300 pixels. Click on the shapes Tool   and in the Tool Options Palette set the Shapes Type to Circle, the Style to Stroked,  the Line Width to 1 pixel, and check Antialias and Vector. Now position your cursor in the very center of your window. You can tell by watching the numbers in the lower left hand corner of your PSP screen. Since my file was 300 x 300, I positioned my cursor over 150, 150.
 
 

Draw a circle of whatever size you want. Remember to leave room around it for your text though. You'll notice that after you've layed down your circle, it has what looks like a set of deformation controls around it. That's one of the features of vector shapes and text: they are easily deformed and don't lose any of their definition in the process.
 
 

Next, choose the text tool and position your cursor over the circle. You'll be able to tell when you have it positioned correctly because the cursor will change into an "A" over a semi-circle.
 
 
 
 

Click to apply your text to the circle. In the text dialogue, you have some new options. You can set the color, font, and size of your text and can have different colors, fonts and sizes on the same line. Make sure that the text size that you choose is small enough to fit around your circle without overlapping. Check Antialias and Floating and be sure your text is centered (In the Text menu there are three text allignment buttons: left aligned, centered, and right aligned). No, you do not need to use vector text to go along a path (though you can if you really want to.) Using Floating text actually makes it much easier to use if you want to add effects. Lay down your text, and then apply any effects (such as Blade Pro or Eyecandy) that you wish to use. Promote the text to a new layer (Selections: Promote to Layer.) when you're done.
 
 
 
 

Now here's where we put the text on the bottom. First select the Shapes Tool again and position the cursor at the same point that you did for the first circle. Draw a new vector circle, this time making it large enough that it touches the top of your text.
 
 
 
 

Now we do something that sounds weird. Go to Image: Flip. You shouldn't see any real change, but the interesting thing is that when you apply text now, it will be on the INSIDE of the circle. Choose the text tool and apply the rest of your text to the OUTER circle. It will actually appear over the text you already layed down, but don't worry.
 
 
 
 

Now go to Image: Rotate. Check the box marked Right (under Direction), and 180 (under Degrees.) Make sure that the All Layers box is unchecked. Your text should flip over. Just place it at the bottom of your circle. Promote the text to a new layer when you're done applying any effects.
 
 
 
 

Finally, get rid of the circles. if you look in your Layers Palette, you should have two vector layers. They are marked with a box  symbol. Click on the + in front of each of these layers in the Layers Palette, and they will expand to show each of the vector objects on that layer. In this case you should only have a circle on each of those vector layers. Click on the little eyeglasses next to the circles to make them disappear from view. If you're sure you won't need the circles later, you can even select each of the vector layers and then click the trashcan to remove them permanently.
 
 
 
 

If you want, you can now add a sphere, or globe, or any other logo to complete the effect. I used a sphere that I created using a technique that I will post soon.
 
 
 

Now the method above works for 99 % of the people who try it. But if you're having trouble with it, try this. Go back to the step where you added the second circle, before flipping. You can either undo back to that point or start fresh with a new graphic. Instead of flipping, click on the Vector Selection tool  . You'll see that the Tool Options pallette now has a little button that says node edit. Click that button. Your circle will now turn black and have four little squares (nodes).
 
 

Place the cursor over one of the nodes and right click. A menu will pop up. Scroll down to to where it says edit and another menu will open.  Note the little arrow on the circle in the upper left hand corner. That arrow shows the direction that text will go.
 
 

Click on Reverse Path at the bottom of the menu. Your arrows should now be going the other way.
 
 

Click anywhere off the graphic to close the node editing session. Your circle should return. Now just add your text to the outer circle as above, rotate it by 180 degrees, and place it at the bottom of your circle.
 
 
 

Some people don't like how the letters at the bottom end up scrunched together. You might want to put a space between each one of your letters in the bottom text or play with the kerning between the letters. When you're adding the bottom text, highlight the entire line and change the kerning value to a fairly large number (300 or 400). You may need to play with the kerning value to get the effect that you want.