you can hit the 'T' button for text, and write in your text.. then double click on that layer ( a layer is automatically made for text).
when you double click that layer, a box comes up allowing you to shadow your text, or change it up!
then you flatten image under the layer tool.. and you are good!
also to the right, on the strip containing the layer, right above layer, it allows you to change the opacity of the text, making appear almost see through, giving it a watermark effect.
HTH
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