There are a couple of methods to achieve that punch-out effect: destructive and non-destructive ones. I prefer the non-destructive option, since you can easily make changes if required.
The key is to create a duplicate of the image, and use the text as a mask object.
1) open an image
2) create a white rectangle in the same layer
3) create a new layer "mask"
4) in this layer type your text, create vector objects, and so on. The colour is unimportant. The content should fall inside the white rectangle.
5) copy the image and place it in the mask layer at the very bottom.
6) now select the objects and text you wish to punch out of the white rectangle.
7) edit menu--> copy
8) select the duplicated image in the mask layer.
9) edit menu--> paste as mask
10) hide the other objects in the mask layer, and presto: punched out effect.
If you want to move the punch out object, make sure to unlock the chain between the mask and the duplicated image object in the layer palette first. Then move the vector mask.
Add a inner shadow for extra effect. You can also replace the duplicated version with a slightly modified one (for example, a greyscale version).
The original objects can now be deleted, and try changing the text by clicking on the mask's text: it should still be editable. However, I keep them around because editing the mask is slightly more work - just hide those for later use, if necessary.
I've created a quick example for you to examine. Download it at:
(this is a FW file, so save the file by right-mouse clicking and use "save as". Otherwise it opens in the browser.
Also, you should have a look at the punch command for vector objects. Unfortunately, this does not work for bitmap images (though adding a bitmap pattern first to a vector object will still work).