theKeeper

This is not that difficult to understand or do folks. And can be done with any version of Photoshop.

Shouldn't take you long to pull it off. [righton]

The Steps:
1) Create your type, then rotate it CCW 45?. If PS asks, render/rasterize the type.
2) Hide the document Background layer.
3) Create a custom brush from this angled type.
NOTE: those using PS pre version 6, will need to create a very tight rectangular selection around their text before you can make a brush from it.
4) Now choose this brush from the palette and within the Brush Options change the Spacing to be 50%.
5) Add a new layer to your document. Position the brush at the top left corner so that it's right on the left edge, but flowing out the top (because of the angle). In my screenshot below you can only see the p and part of the h on the first line. Click the brush and hold down the mouse button. Then hold the Shift key and drag straight down off of the bottom of the canvas. Make sure you drag the brush all the way off.

And now, as i'm sure you'll notice, it's just a matter of repeating this step moving right, across the canvas. All you have to do is position the next brush at the top, at the appropriate distance from the first line you made.

Below is my result.

If you feel the need, alignment aids can be constructed.
Create a fairly long 1 pixel horizontal line. Then rotate it -45?. In my screenshot below my line is red. Align this line to the bottom of the longest letter in your text. Then position your next brush stroke along that line, and at the desired gap between your first text line.
Once you've made your second text line, you can now loose the angled guideline and use normal Guides to create the visual alignment; as you see in my screenshot.

If however you need more guidance, simply draw out angled lines below ever 2nd line; as seen in my 2nd example below. This will ensure perfect placement on each following line to the right of the first.

TIP: if you wish to have your text/word staggered from one line to the next, you'll need to change your brush Spacing to 100%, and use two separate layers (for safety sake only). Apply the exact same methods as in the original outline. And don't forget to offset your 2nd starting line from the first line.

Any questions, just ask. [honesty]

Welles

That's fun! :} Here's a variation.