Now turn off visibility of this layer, you'll only need it to quickly select a quadrant of the image.

When you need to select a quadrant during this tutorial: activate this layer, with the magic wand (match mode RGB, tolerance 0, feather 0, sample merged UNchecked) select the appropriate quadrant and turn off visibility of this layer again.

Add a new layer and call it 'white'.
Select quadrant #1 (see 6.), activate layer 'white'  and flood fill selection with white (solid color, match mode None, tolerance 0, opacity 100, sample merged UNchecked).
Select none.
In the layers palette: slide the opactity of the 'white' layer to 50. If you're not able to set it at 50 exact, press the left or right arrow on your keyboard. This should do the trick.

With the txt-tool add type: I used Arial Narrow, Bold, size 22 and antialias and floating checked.
Move txt into place and keep this selection active!

Method 1:
With the selection tool (rectangle) and the Ctrl-key pressed cut the txt selection in half: start at (125,0) and end at (250, 125).

Method 2:
With Ctrl-key pressed: select quadrant #2 (see 6.)

The left half of the txt now is selected and the txt is defloated on the 'white' layer.
Keep this selection active!

Make the 'white' layer your active layer.
Now we punch out the letters from the white quadrant:
Edit - Clear
Select none.

For the second txt-line go through steps 8. to 10. again. This time I used type: Arial Narrow, Bold, size 28.