You can turn the text into a selection by control + clicking the text layer. Then make the bg layer active and use the selection to create whatever effects you like.
If you just want to merge the two layers simply move the text layer above the background and select 'merge down'in the layers palette option menu.
But remember once you have created text in this way you have lost the editability. This means further changes are far more difficult. Perhaps there is a way to get the effect you are after using blend modes. Try selecting the text layer in the layers palette then playing around with the layer blend mode (top of the layers palette). You will find that there are some great effects possible and that this method leaves the text editable.
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