This technique gives 3-dimensional text that seems to vanish intothe distance. I have an old copy of a science fiction paperback (The Motein God's Eye, by Larry Niven and Jerry Pournelle) that has an effect likethis on the cover. I'd been wondering for a while if I could reproduceit in PSP.
 

Start with a new file, white background, 16 million colors. Beginwith something that's quite a bit bigger than the size you want when you'redone. You're going to want room to maneuver your text.  For the exampleI started with a file that was 400 x 400.  Make your foreground colorblue (RGB 0,0,255) and put in some text. A font with reasonably straightedges seems to work best. Here I've used Times New Roman 48 pt. Be sureto leave your text selected.
 
 
 

Now go to Image: Rotate. Check the box for 90 degrees. When you'redone, move the text close to the right hand border of your window and deselectit by hitting [Shift] N.
 
 

Next, go to Deformations:Wind. Check From the Right and make thestrength 20. Your letters will blur and you should get long streaks.
 
 

Time to make things a bit more three dimensional. Make your foregroundcolor white, then go to Image, Special Effects: Hotwax coating. Apply theHotwax twice.
 
 
 

Okay, that's nicely 3D, but the background has darkened a bit. Fixthat by going to Colo, Adjust: Hue, Saturation, and Luminescence. Put Hueand Saturation at 0, and set Luminescence to 5. That will brighten thingsjust slightly. When you're done, go to Image:Rotate. Click the 270 degreebox this time to make your text vertical again.
 
 

Next we make sure that the text is easier to read. Set your foregroundcolor to RGB 48, 48, 101. This is a nice dark gray that compleiments theother colors well. Other colors might work even better, so experiment alittle until you get something you like. Now add your text again. Placeit where your letters originally were, or offset it a few pixels if youlike. Remember - it's a 3D look you're going for.
 
 

Okay, now with the shape select tool, draw a box whose upper edgelies directly along the base of the text you just layed down. You shouldhave something like this:
 
 

Next, use Deformations:Perspective - Vertical. Set the % differenceto 100.  Deselect and you're done. To finish up, crop your work andsave it as a transparent GIF.
 
 

If you think the text looks too dull, there are a number of waysto brighten it up. Here I've used Color, Adjust: RGB with settings of Red50, Green 0, Blue 100.
 
 

Two more quick tips. The effect works best if the words you choosehave letters with vertical edges at the beginning and end.
 
 

Finally, to make the letter recede into the distance UP rather thandown, make your first rotation 270 degrees rather than 90, and change thevertical perspective setting to -100.