A designer friend explained it to me one time (I'm a developer that's slowly learning, and I emphasize slowly, this stuff) but I forgot a lot of it and so I'm kind of stuck. I created a new image around the size I need for the text but then had a heck of a time aligning my text but that's another issue because I have it aligned now and am ready to export but not sure what I export as or maybe I should save it as something. There are no enhancements to the text at all so it is very basic.
Thanks for your help!
There are actually lots of things you can do.
one save it as a .ai file and open it as a smart object in Photoshop.
two with a selection tool select the text and do a copy and paste int your Photoshop document.
three export the file as a psd (Photoshop Document)
four place the ai file into a psd document
Five drag the text from ai to your psd document.
Then you should get a book or two and read up on how to use Illustrator and Photoshop visit the help files and go toAdobe TV and watch some tutorials
and perhaps subscribe to Lynda.com