"He who marches out of step hears another drum." ~ Ken Kesey
The easiest way I know of is in Corel (not sure if that helps you), but just convert it to bitmap and trace it.
Hey Gilligan, I'm guessing you have the font, so here's how I would do it: Set the type, "Create Outlines" under the Type menu to convert to vectors. Now, put a rectangle of any color behind the text, select all, and on your Pathfinder pallet, use Divide, then with all still selected, selected, Ungroup. Now take your direct selection tool, the hollow arrow, and select the parts you don't want and throw them away; all done, easy peasy.SteveThe problem you may be having is that when you Create Outlines, the white is actually empty, fill is None, so there's nothing to grab and color...
Drop that puppy in Photoshop. 600 ppi. Clean edges make good selections. Fill on to a new channel and POP! You're done.
I dont know what the path finder tool is but it sounds like its similar to smart fill?