Am I understanding the question right?:
You want to cut (route) the letters/text into the material - not cut out the letters. Is that right? If so, you might try this:
A kludge to get there could be - use MSPaint - do your text thing (typing). Then invert the image (flip the blackand white) and save as a BMP or JPG. Then, import the BMP/JPG into MACH2 - that will generate the G-Code and cut the letter into the material.
Its a bit of a Kludge - but you can try MACH2 out for free - and pretty inexpensive anyway. MSPAint is most likely on you system - so you could give that a try! LViewPro - or other shareware to do the B/W inverting.
Hope that gets you closer - if not, maybe others have a shot at this - Cheers - Jim
BTW - the bit may be a bit big for some fonts using this approach.
Experience is the BEST Teacher. Is that why it usually arrives in a shower of sparks, flash of light, loud bang, a cloud of smoke, AND -- a BILL to pay? You usually get it -- just after you need it.