I use PSP 9 so depending on your version you may have to adapt it to suit what version u are using.

 

Ok first off you will have to open a new image in PSP I like to start with  350 X 200 with a transparent background you can make the image anysize you want tho but I don't like to have it to big

 

Next pick a font that you want to use and a foreground and background color

Pick a size for your font also

 

Now click the text icon and type what you want for your watermark

 

Once you have your text typed out  convert it to a raster layer then goto

Selections>Select all> Selections>Float> Selections>Defloat>then hit delete now you will see the marching ants in the outline of your text

Keep the text selected then goto Effects>3D Effects and set the drop shadow to your liking

I use the settings below most often

 Vertical 2

Horozontial -2

Opacity 50

Blur 3.00 

 

Then goto Selections> Select none the marching ants will disappear

And you will have a semi invisiable water mark

You can use the crop tool to make it smaller if you want to I usually do this and crop as close to the text as I can

 

 

Now to add that as a picture tube so you can just click and add it to your tags

I do mine this way and add as a new layer so that I can lower the opacity of the layer to make the watermark more invisiable

 

Once you have your watermark the way you want it delete the bottom blank layer then goto

File>Export>Picture Tube

This will open a window at the bottom right name your tube then click ok

It will then be inported into your picture tubes to use

 

That's all there is to making a waterwark

Hope this was easy to understand  as I am not a tut writer lol

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