One technique for achieving the above effect where the text looks like it is between the main graphic's legs is acctually fairly simple but it does involve some delicate mouse work using selections.
Your main graphic should have enough room on either side to adjust the text to one side or the other so most any size name will fit. Once you start making a set of tags you don't want to be moving the main graphic around as the selection you will be making will be relative to the position of the main graphic. You should also have a blank layer underneath and above the main image
First you must create your text on a seperate layer than the main image that you wish to weave it though
On the above tag I placed the text on a layer behind the graphic
Do your dropshadow and anyother Text effects first while the entire text is whole and in one piece.Position your text exactly where you want it now .... you will not be able to move it later.
Now while the text is still selected chose the lasso tool 
set
point to point and feathering 0 Select the area that you wish to move in front
or behind the main graphi. You may have to zoomin 2 or 3x to get a good clean
selection.
Now you have 2 choices on how to save the selection you just made you can save to alpha channel or you can save to disk. I like to save to disk so I can easily find the selection later if I need to make another one of the same tag. If you save to disk name the .sel with the same name as you named the PSP tag file that you will use as a template. After you have saved your selection you will only have to load the selection instead of having to make a new one each time.
Once you have your selection saved then go to selections ... Float or Ctrl+F then go to your layer pallet and move the floating layer to the top of the main graphic or to the bottom which ever is the oposite side of the main image. You can do this by going to Layers/Arrange or by manually doing it from the layer window.
Selections/select none
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index page
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