JupiterPrime

depends on which version of PS you are using.

if you are using anything below CS, the space bar is your only choice - CS lets you set type on/in a path, so you can take your pen tool, create a path the shape that you want, then set type within it - the beauty part is, if later you decide that the path itself needs adjustment, you can do so and the text inside will re-draw itself to the new shape.