29.07.2012, 16:48
I have an idea, but I don't know if that's how it's actually being done.

The gray area is the base textdraw. The orange areas are additional textdraws. The blue is the capital letter O that has been distorted, and which is hidden behind the other textdraws.

The gray area is the base textdraw. The orange areas are additional textdraws. The blue is the capital letter O that has been distorted, and which is hidden behind the other textdraws.