1-In CS2 open a New File (well call it our working File). Set background color to Black and Foreground color to white. Add a text layer (chunky fat text works best).
2-Flatten the image.
3-Grab your Magic Wand tool and UNselect continguous box. Click on the text and select similar until you get all your text in the selection. With area active Right Click and Layer Via Cut.
4-Open the image you wish to show through the text and drag to your working file. Place your image above your Background Layer.
5-Hid the top layer-this is the cut text layer and your text will become your new background image.
6-To change the color of the Background Layer Copy make that layer active.
Image/Adjust/Hue & Saturation and click Colorize. Change the color to whatever you want it to be.
You can also change your Blending Mode of this layer for different effects (Bevel and Emboss for
example).
7-Save as a psd file so you can continue to change the foreground (Background Layer Copy) color and
the image behid the text.