I do not think you can if it has been flattened or merged( Meaning one layer), if you try to cut the text out, it will leave a hole in the layer where the text was so you will still see where the text used to be. I always save my files in photoshop and save the layers, then save as JPG or Tiff, just in case I make a mistake like that. IF you do not close the program and that happens you can always Undo last move and try again, BUT that is only if you still have the program and file opened. Sorry.
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