I wasn't sure what you meant at first. I now have PS CS3 and far from expert at it (if anyone ever really is with Photoshop!) but I see. The top of the letters forms a round arch, not pointed.
I tried it in WORD ART in Microsoft Publisher (2007) and with a bit of dragging to make bigger, accomplished it. Publisher is good for dragging and changing shapes. Word has Word Art, too. I assume it would work in there,too. Of course, you would have to have something with Word Art to do it.
There may be way to do it in Photoshop, I'm thinking of making (drawing) a triangle shape as a path, and putting the letters inside it (to follow the path) I'm not too good at paths right now, so would have to play around with it.
Maybe not the best method, but I achieved it by
- Type your text on a layer. I then Transformed the text and made it taller, but, depending on your font, you may not need to do this.
- Rasterize it
- Make a copy of it
- On the first layer, Distort. Use the top left 'handle' and distort your text. Use the shift key to keep the handle moving in a vertical direction.
- Change the opacity of both the layers to 50%.
- On the second layer (the copy), Distort again, but use the top right handle to distort the text. You should see that the distortion moves the center point of the text. You need to drag the layer (while it is still in distort mode) left or right to align the center point of the text with the first layer. This should make more sense when you are working on it. This is why we changed the opacity, so that you could see where they cross over. Use the shift key when moving the layer to ensure the bottom edge stays consistent.
- Put the opacity of each layer back to 100%
- Now create a mask for the first layer that just shows the left half of the text.
- Create a mask for the second layer (this is the inverse of the mask on the first layer.