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Andrew, not sure if this is what you want, but here's what I came up with. To get the effect, in ImageReady, set your type, black on white. A thick, sans-serif works best (this is just plain ol' Arial Black). Then, open up another image, preferably one with contrast. Either select part of it, or make sure it's at least the size of your original image so it completely covers the type.
Copy your selection to the clipboard, then past it on top of your type layer. It will completely cover everything, but that's okay! Double-click your new layer, check "Group with previous layer" Click OK. The image will fill in the type.
Now, in your animation palette, click the little duplicate frame icon to make a 2nd frame. Usually, this is all you need. With the 2nd frame selected, and your top layer active, move the top layer with the move tool a little bit...either to the left or right. Check your animation, save, optimize, save for web.
Shoulda done the type as "sparkle"