real easy in Final Cut 7. bottom layer can, lets say, be color bars. next layer up is your text. next layer up is the image to fill in the text. select the top layer and right click to reveal drop down. then select composite mode and select travel matte alpha. your done.
if you want to add a drop shadow to your text then duplicate your text layer underneath your original text layer and add your drop shadow. piece of cake. and if you want to move the whole mess around the screen then select all your layers except for the background color bars layer and nest them.