I am not sure what you are asking. If you want to create CENSORED (or some other word) as an image, use the text tool (create as vector), then rotate the text to the desired angle.
If what you want is the rubber-stamp effect on that text, then I would suggest creating the splotchy areas using the Paint Brush and/or the Eraser. First change the text layer to a raster layer, then select a white color (or whatever color the background is). Use the chosen tool with a brush size of 4, and low values for hardness and density; manually splotch the ink areas to the desired effect. You may also want to make the edges a little less sharp by using the Push Brush near the edges. Experiment with the tools and settings to get the look you want.
It is a manually intensive process, but it can be done. The attached example (the left-hand part, anyway) is one that I did about seven years ago, using an earlier version of PSP. The designation on the face of the stamp originally said something else. I made the background a fairly uniform off-white, though I added some blotches to impart some look of age. Then I added the BULL... text on top, and I followed the above process to make it look more like it came from a rubber stamp.