You can try this out on an already made graphic if you want. If you do then skip steps 1-3.

1. Open a blank canvas. 500x500.

2. Go to layers/create new raster layer.

3. Flood fill it with a bright royale blue. #0000ff This is just so that your text is easy to see instead of the transparent background.

4. Go to layers/create new vector layer.

5. Go to the preshapes tool and choose a circle.

6. Make a circle. Doesn't matter what color. Make sure you have a foreground color selected. (the front-top color)

7. Go to layers/create new vector layer.

8. Choose the A - http://i31.tinypic.com/21mrpds.jpg - on the toolbar (text tool) and put your cursor over the circle line until you get a "rocker" on the text. http://i26.tinypic.com/dgq9vk.jpg

9. Click on the graphic when you see that rocker on the A.

10. Insert your text and it should put it on that line. Then click ok after you've made your text the way you want it, and then just move it around the circle to where you want it curved.

11. After you are done with the text and have it where you want it, delete the circle vector layer and the blue raster layer.

You should get this http://i29.tinypic.com/2jepp40.png
That was after i deleted the blue and circle layer. I made a black background instead.

If you want it just straight across but wavy, then do the same steps but instead of doing a preshape circle tool, use the pen tool- http://i26.tinypic.com/ounwgp.jpg - if you have to choose a pen "mode" - http://i31.tinypic.com/27ywi0p.jpg -and make a wavy line. Make sure you have a foreground color selected. (the front-top color) Then put your text.

You should get this - http://i29.tinypic.com/9kz.png

Lemme know if you dont understand something