Yes. There are several different methods I can think of. If you get newer versions of PSP they have the Shape Cutter tool which you can see in action here -
http://learn.corel.com/tutorials/text-a ... tter-tool/
With X5, you can do similar things with masks, pattern fills, selections and cutouts, There are a lot of options for achieving this effect.
1) Pattern Fills - not my favorite because depending on the size of the source image and the text this can be very slow, and can cause repeating patterns. There is also no good way to edit the position of the pattern within the text.
a) Open the image you want to use as a fill for the text
b) Add text to another image, for the font/fill color (background color) select "Pattern" and choose the pattern that was created by the open image.
c) Your text should now be filled with the image.
2) Selections and Cutout - This method uses a text to create as a selection. Then you either copy the selection into another image, or just delete the extra bits of the image, leaving only the text shapes behind. The weakness of this method is you're deleting pixels. You're making a static image that cannot be edited, so you've got to be careful about your setup as you have to redo them everytime you want to make a change. Of course, that's true of all of these methods.
a) Open image you want to use as text, either as a layer in your current image, or as its own image. Whatever you want to do.
b) Add text over the image and position it where you think you'll get the best view.
c) With the text selected go to Selections -> From Vector Object
d) If you're working on a layer, go Selections -> Invert then hit delete. If you're working on a separate image go Edit -> Copy and then paste it into the image you want it to be in.
3) Selections and Masking - This works almost exactly the same way as selection and cutout. The difference is you're not deleting anything, you're creating a mask. This allows a bit more flexibility in positioning of the image inside the text. It doesn't hurt any of the images so starting over is easier.
a) Open image, it's less useful as a standalone image unless that's what you want. Otherwise, open the image as another layer.
b) Add text where you want it
c) Selections -> From Vector Object
d) Select the layer you want to mask out
e) Layers -> New Mask Layer -> Show Selection (this hides everything except for the selected areas)
Now if you don't like where the text is positioned or the image is positioned inside the text you can use the move tool to move either the mask layer or the image that is underneath it.
Video Demo of all three methods -
https://drive.google.com/open?id=0B8FlF ... VIwYjFHeWc