A lot of people might already now how to do this, but for those of you who are still new to PS CS2 or IR CS2, you can look at this tut for reference on how to make your text transparent with an outline.
Step One: Place your text. Any font will work.
Step Two: Apply a one pixel thick stroke. Go to Layer>Layer Style>Stroke to do this.
Step Three: Go to Blending Options in the window that comes up when you apply the stroke and then click the blend mode drop down arrow. Set it to either overlay, soft light, color burn, or color dodge. Either one of those will make it transparent. There might be other modes that will work for this that I haven't mentioned as well.
And that's all there is to it! ^^ Here's a sig I made with an example of outlined transparent text. This tut might possibly work on other versions of PS or IR, but I'm not sure.
I would have provided an image of this tut, but unfortunately...I don't know how.
