More people have asked me to create a tip for wrapping text around an object
than any other trick. Normally I would just send them an email detailing how it could be done with nothing more than one of the supplied filters. Well, I broke down and decided to create a tip and post it for everyone to use. So here it is in all its glory...
Starting with a new image, place your text making sure it just touches the
left edge of the image as shown

Now go to the Layers pallete and un check "Preserve Transparency"

With "Preserve Transparency" unchecked you can now wrap the text.
But first we must re-scale the text so that when it is wrapped it does not look squashed. GotoLayer>>Transform>>Scale and increase the height of the text by about one half.

Now we need to make a square selection around the text. Use the
Marquee tool and press the shift key while drawing a perfect square around the type. If the selection is no centered on the text just right use the arrow keys to adjust it.

All that is left is toapplyFilter>>Distort>>Polar Coordinates and selecting
Rectangle to Polar.

That's all there is to it... I will be adding variations of the same tip to
create different effects so be sure to check back