Jagged text, transparent BG, and old PS

I'm stuck using PS 5.0.2 at work. I'm trying to create text with a transparent background, but am winding up with the familiar problem of jagged edges. I've seen recommendations to choose "Save for Web," but I don't see that option and think it's not available until v5.5. Actually, I could just as easily create it on a white background, except that the web page I'm creating it for has a background image that I don't want to cover up with a text box. I've played with anti-aliasing options, but am not finding any solutions. I think I'm screwed on this issue. Can anyone unscrew me?

I don't know anything about transparencies and version 5. But I usually recommend a transparent background only when you really, really have to. Something that a lot of folks don't think about is making the background color of the image match the color of the web page.

Of course that won't work all the time, but many times it will.

Peace,
Tony