Check out this great tutorial by Tyler over at Denis designs.

I need to create an intro screen for my other website How2DIY.net and I ran across his tut and thought it would be excellent and just what I needed. So I followed along came up with a great great effect which I think I’ll be using. Anyway check out Tyler’s tutorial you’ll learn a lot and it’s a great great way to get a realistic painted text on a wood texture.

http://www.denisdesigns.com/blog/2010/01/create-realistic-type-on-wood/

Also, check out my tutorial on doing this exact same effect in GIMP