OK lets begin-

First create you background to match the size you want your txt to be in...view background. select a cool background color

Now we will type our text, then duplicate it. We will then use layer styles to design our text.. view styles ....once the layer styles appears appers click on styles....click to view ...OK you should now have 3 layers in your layer menu box. 1, your background, 2 your text and 3 your duplicated text. Now select your background layer and select the rectangular marquee tool, then draw a rectangular box on half of your text--view result. Now go to edit-transfer-wrap --view

Almost done-- Once you have seleted the wrap tool you will notice you have some properties setting for the wrap effect----The default should be set for custom See what I have

Now this the wrap still around the text, ( do not deselet until I say so) select the top layer which should be your duplicated text. and use the erase to and erase one of the color to reveal the other. View- continued to erase the green color.....once you are satify with your result deselect.

The baground you use is now- usless- so delete it...and create a new back ground.... I hope you are happy with your result.

E-mail me for source file

FINAL RESULT