we will try to innsert the following image in a text
type your text with a large font(i choosed impact)
now hold CTRL and click on the text layer in layers palette to select it
now press E to select the eraser tool & start to erase the black color
execute SELECT>INVERSE
press E to select the eraser tool again & select the background layer
from layrers palette (the picture of the two players)& start to erase
it as shown below
