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@mattty
1) load up original "peel & peel" logo in your favourite photoshop-esque software package
2) fill the text you want to be see through in a colour that doesn't appear anywhere else in that image (eg fluoro green)
3) copy/paste into word, on top of the picture you want it to be, erm, on top of (note, powerpoint is probably a better programme to use here)
4) set the fluoro green colour of the floating logo to be transparent, as described in the earlier link