No, Photoshop Elements does not have Contour.
Photoshop claimed that there 50+ best text effects and some of those are Wave's text effects, Glossy Emblem text effects, Spectacular style text effect, Aqua and many more
Follow related link to psdtuts web site.
The limitations of text based special effects are dependant on what program you are using and the effect you are trying to achieve. For examples of these, I recommend following the "Related Link" below to a Google search of "Photoshop text effects".
There are a number of websites where one can find a Photoshop text tutorial including Smashing Magazine, Hongkiat, Web Design, Photoshop Essentials and Photoshop Lady.
You need to be more specific. Photoshop now has the ability to create and paint on 3D objects. Photoshop can also have a plug-in filter that could create the red and blue 3D effect There is no automatic 3D text button in Photoshop. Though there are tutorials on how to simulate one.
Text in Photoshop is vector object, so you can scale, rotate, change size, color without losing quality.
Photoshop have Horizontal Type Tool and Horizontal Type Mask Tool which you can use to type text in Photoshop.
One can change the font or text color in Photoshop by first clicking the Text tool button. Then when the Text toolbar appears, click the color palette button and select the color wanted.
You can. The icon in the toolbar is a big T.
Wrap option in Photoshop allow you to distort pixel based and vector objects. This option is mainly present in Photoshop for curvature distortions of pixels, text or vector shapes.
This can be down to a number of faults, it's worth troubleshooting on a Photoshop forum, grey text usually means that the button is not accessible to use. Troubleshooting online is the best option. Hope this helps :)
neumes