Here is quick tip for quickly transforming your text layers.
Start typing your text. As an example I just typed Text
Press Ctrl and you should see a box with 8 “handles” around your text like in the screenshot below.
By holding Ctrl presses and dragging any of the “handles” you can quickly transform your text.
Here are some examples.
In the screenshot below you see the result of dragging the lower right handle to the right.
Dragging the top middle “handle” all the way down.
Dragging the middle right “handle” all the way to the right
Keep in mind that if you continue typing after you have transformed your text the new text that you will type will look like the transformed text, for example in the second example any new text you type at that text layer will be upside down.
This tip should work for Adobe Photoshop CS and CS2.