Transparent 2d images

How would I make an image like this one:

http://designertuts.com/wp-content/uploads/2007/07/splat.png

render with the whitespace transparent?? I’ve been trying to figure this out for a while, and I haven’t seen anything that worked with the new version of blender.

Thanks
Shoffing
![file:///C:/Users/Steven/AppData/Local/Temp/moz-screenshot.jpg](file:///C:/Users/Steven/AppData/Local/Temp/moz-screenshot.jpg)![file:///C:/Users/Steven/AppData/Local/Temp/moz-screenshot-1.jpg](file:///C:/Users/Steven/AppData/Local/Temp/moz-screenshot-1.jpg)

Assign the image to a texture channel and map that channel to alpha. Turn on the neg button in the map to panel to inverse it (white=black) or press the alpha button until it turns yellow which inverses the alpha.
Also make sure that the material of the object you assign it to has alpha set to 0.

Set your material world color to white. Then just add the black text, and render with a PNG format with RGBA enabled. http://wiki.blender.org/index.php/Manual/Output_Formats#Channels