Twist Text Transition

Open a new image, 250 x 150, transparent, 16 million colors.

Set your foreground and stroke materials palette to null. Set your background and fill materials palette color to Rainbow gradient, angle 117 and repeat 3. The palette should look like the graphic below:

Flood fill the background with the lime green. Add a new raster layer and name it text. Click on the text tool and choose the font face and size and type in some text. Click Apply to place the text on the canvas. Apply a inner bevel (Effects || 3D) with the following settings:

The text should look similar to the one below:

After applying the Inner Bevel, deselect and export it as a gif optimizer. Your file should have a .gif extension.

Open Animation Shop. Go to File, Open, and select your saved file. Right click on the frame and choose Duplicate Selected.

Now choose your Crop Tool, Options, and check Surround the Opaque Area, choose OK, then choose Crop. You should now see a very light colored line surrounding your gif. If you have trouble finding your Crop Tool, go to View and make sure Tool Palette is checked.

Go to Effects, Insert Image Transition and apply the following settings:

Start With: Animation Frame radio button selected
Define Transition:
Length: 1.4
Frames Per Second: 15 fps
Effect: Twist
Show Preview: checked
End with: Animation Frame

Click on View Animation to see how your image looks. If you're happy with everything, save it to your folder. This is how mine turned out!!