This is a simple but very nice text effect!
I use the studio version, but you can use this effect with the freeware version too.
First of all open your image, I'll use it:
![Image](http://i9.tinypic.com/4zd38g6.png)
Now duplicate background level and insert a text:
![Image](http://i19.tinypic.com/535j5l3.png)
Merge the text with previous layer, select a strip in the middle of the image and cut it.
![Image](http://i7.tinypic.com/5y9fzoi.png)
Insert now another text with a pixel font!
![Image](http://i11.tinypic.com/4xmsigm.png)