The choices available include custom text, copyright notice, the filename, a caption, credits, or title. Note that some of these options will only exisit if you have added them to the IPTC data through the "File Info" command in Photoshop, or through another image manager that supports IPTC data.
You can also control the color, font, size, and position of the watermark text. Some options you may want to use for the custom text would be "Proof", "Sample", your company name and URL, or the copyright symbol.
Related Resources:
How To Create a Web Photo Gallery With Photoshop
How To Add a Text Watermark to a Photo in Photoshop 5.5 or higher
How To Add a Text Watermark to a Photo in Photoshop Elements
Compatibility: Photoshop 7.0 and higher, Photoshop Elements 2.0 and higher.
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