
Burnt text is just a cool effect for text =D. Yesh, it is very cool =P. Here's an example; TBT's Magic layout banner (click to view full size):
The part where it says "Do you believe...? is "Burnt" text ;D. This is very simple to do...
1. Make a new layer and make sure you know which one is the burnt text (I would suggest naming it if you use PSP)