Animated Fading Text
1. Open up any background or make a new one.
2. Add whatever text you want to it.
3. Duplicate the text layer 4 times. There should be five layers of the same text now. Change the opacity of each layer so that each text layer is 20% less opacity than the one below it. (Most bottom text layer would have 100%, the one on top should have 80%, the next one should have 60%, and so on. The topmost layer should be 20%.)
4. Now, you are ready for ImageReady. Jump to ImageReady (Shift+Ctrl+M). The animation palette shoud be open. If not, go to Window > Animation.
Duplicate the frame until there is 9 frames.
5. Hightlight the first frame and make all the text frames invisible.
Hightlight, the second frame and make all the text frames invisible except the one with 20% opacity. The third frame should only have the text layer with 40% opacity. The fourth frame should have the text frame with 60% opacity. Go all the way until the sixth frame with 100% opacity.
Now for the seventh frame, use only the text frame with the 80% opacity. The next set of frames would have the text layers with decreasing opacity (60%, 40%, 20%). The ast/ninth layer should have the text layer with the 20% opacity.
6. Change the speed for each frame to 0.1 second except the first and sixth frame, which should be 0.5 second. Click play to test it out.
7. Go to File > Save Optimized As? and save.
Here is my final product. Enjoy!