Before I bought PS I used another image program that made it very easy to warp text. Here is an example. I need to recreate a logo in that style but I can not figure out how to do it in Photoshop.
Sure, there are tons and tons of ways to do this. First, you can always use the default warp text tools. You can find this on the top toolbar when you have the Type tool selected. First type your text with the Type tool. Then select the "Make Warped Text" (The button icon looks like a "T" on top of an arch) and select from the selection of warps. Flag, Arc, Bulge, etc ... A second, more sophisticated way, is after creating your text, right click the layer and select "Convert into Shape". That makes your text not editable by the text tool anymore since now, all that layer is a shape (i.e. vector). Now you have enormous flexibility because now you can edit the vector mask with the path tools. Move around the control points so that the text looks like what you want it to. If you don't want to manually edit all those points, you can select the layer (which was already converted into a shape from the text) and go to Edit > Transform > Warp. And from there just click and drag. Pretty much self explanatory when you actually do it. Good luck, post any questions you have