As an alternative to rasterizing the text, if you're using Photoshop CS2 or newer, you could always put all the text into a folder and convert said folder to a smart object. Then your text is still editable as text layers, but you can apply filters and such just like it's a regular layer (and in some cases more dynamically than a regular layer, if you have access to CS3/CS4's Smart Filters). Very spiffy stuff.

-asp