The first thing to do it download a high resolution white jpeg, like this one. Then upload it to Picnik (you will also have to make a free log in, if you don't already belong). Pick the Text button under the Edit tab.
Then you will create text boxes for each of your words. Type the word in the box, pick the font and then click "add."
On the right hand side you can pick the color of your word.
Finally, you can save the photo to your computer!