creating clear (transparent) text

From: Oscar
Date: 18 Mar 2004
Time: 08:13:43
Remote Name:


I am trying to create a transparent layer and so far I have been unsuccessful. An example would be a text box with a black background and in the middle a title ("Computer Solutions" for example)that is clear or transparent. My version of photoshop is 7.0. If someone can help me I would greatly appreciate it.