Frustrating Newb question

I'm trying to do the BLing Bling diamonds text tutorial here http://www.photoshopcafe.com/tutorials/diamonds/diamonds.htm
and I can't figure how to select the text so I can begin the filter part. I tried what he said about right clicking the layer pallette and rasterizing but for some reason it won't put the selection around the text. What am i doing wrong? Any quicky shortcut on the keyboard to select it?

ps I'm using PS 7

"Apple click" the layer for macs. I think its "Cntrl click" the layer for PC. If you are doing it right, before you click you can see a rectangle marquee mouse over ontop of the layer.

Also, how do I make the rounded rectangles in PS 7......their isn't one in my marquee selection(just ellipt, rect, single).....do i have to download that tool and if so from where? thanx

click on the rectangle marquee tool, and up on the top where the menu bars are, there is a feather option.. enter how many pixels you want it to be rounded.

Hmm, just re read your post, click on the rectangle tool and hold down, a menu pops out with different shapes, the rounded rectangle is in there.

THanx that worked......next question is to get the border around the diamond text to be gold his directions say "Apply a Hue/Saturation adjustment layer and push the saturation all the way up to 100

Tweak the hue until you get a nice gold color. "

How do I do this? Also, he says he added a colored purple gradient in the background.....how do I do this.....thanx alot guys!