Goto the Paint Attribute tab again and this time choose color from the drop down menu. It will then prompt you to set it to Set to Dynamics. Click the Import button once again and choose the color.tga image from your hard drive as shown in the image below.
Step 13 :
Now, if you have been following me correctly you should be able to see your text image and it should look like something below.
Step 14 :
Hit Ctrl + a to bring the up the Attributes Editor, now find the Dynamic Simulation tab and expand it and set the Start Frame to 45, or what ever number you like your animation to start from.