Lesson 2: Talk Balloon with Photoshop
First, get your type set in a relatively oval shape
(or as close as you can get). You may have to
edit the type to get it to fit in a pleasing shape.
Second, create a new layer under the type layer and select the oval marque tool. To get the oval tool, right click on the marque box and select the oval tool.

Once the tool is selected, hold down the Alt key, move your cursor towards the center of the type area and click/drag out the marque so it fits around the type.

To fill the selection, assuming you have white as your foreground color, hit Alt + Delete. This will fill it.
Third, select the pen tool and create the pointer shape (indicated with orange glow) by clicking down and draging the first node, clicking without dragging the second (towards the mouth) and clicking and dragging the third node.
Fourth, once you are satisfied with your line, select the Paths menu tab, select the Work Path layer, and double click on the selection button at the bottom of the Paths window.
Finally, in the same layer as the white oval, hit Alt+Delete again to fill the selection.

To outline, double click on the balloon layer. The layer style menu window will pop up. Click the word "Stroke" to check it and to bring up its options, change the color to black and change the thickness to a pleasing point size. I chose "center" for the position.

There you have it. Enjoy.