Photoshop Text Tricks by Andrea Sampson

Split text into two colors:
Type your text. On your text layer in the layers palette, right click and
choose “rasterize layer”. Now, choose your marqee selection tool (top left in
the toolbar) and use it to select half of the text. Just put a big rectangle
around half of it. Now, go to layer>new>layer via cut. Double click on this
new layer in the layers palette, click on color overlay, and select the color
you want it to be. You can go to the layer beneath to adjust the color of the
other half of the text. When you have them the colors you want, go to your
layers palette, select the top text layer, click on the empty box to the left of
the text layer below it. A little chain should appear, that means that your
layers are linked. If you want to merge them into one layer again, go to
layer>merge linked. And that’s it—all there is to it.