PAINT SHOP PRO TUTORIAL "Pennant"

For this tutorial you'll need "Filter Factory Gallery B"

Start with a 200x80 graphic in 16 million colors. Paint it the color you want the pennant to be with a background color of white. Go to "Image">>"Enlarge Canvas" with Width=220 Height=100 and "Center Image" checked.
Your graphic should look like this:

Now, swap foreground/background color by clicking the small double arrows at the lower left of the two color squares. Choose a font (I'm using Ache for that collegiate look!). Anti-alias needs to be checked, size=38 and floating checked. Right-click to de-select.
Your graphic should look like this:

Now, click on the "Magic Wand". Set the "Tolerance" to 100 and the "Feather" to 1. While holding down the shift button on your keyboard, click on the center of each letter until they are all selected. Change your background color to blue and press "Delete".
Your graphic should look like this:

Change your background color to white, from the menu select "Image">>"Deformations", then select "Perspective-Horizontal", % Difference at 100.
Your graphic should look like this:

Go to "Image">>"Plug-in Filters">>"Filter Factory Gallery B">> "Fluttering Flag",
choose settings similar to these:

Click on the "Magic Wand". Set the "Tolerance" to 100 and the "Feather" to 3. Select anywhere in the background and press "Delete". From the menu select "Image">>"Normal Filters">>"Soften More".
Your graphic should look like this:

This could be fancied up a bit or made into a Gif animation with very little more work!