For my purposes, I need an actual font that other Windows applications can recognize.  If all you want is a word banner, then yea, a vector-based photoeditor is probably the way to go. 
Paint.net is an often-used one http://paint.net.amihotornot.com.au/
I use DrawPlus quite a bit.  There is a free version of it: http://www.serif.com/free-graphic-design-software/
(Here are some icons I made with DrawPlus, and an app called RealWorld Icon Editor https://www.xyplorer.com/xyfc/viewtopic.php?f=3&t=11635 )

Probably the most powerful freebie is the GIMP http://www.gimp.org/ It's more like Photoshop then a vector editor though....

Other fun things to check out:
TileMage allows you to make individual letters in bulk, then "chop up" the exported picture.  http://www.tilemage.50webs.com/

I use this http://patorjk.com/text-color-fader/ for colorizing my Outlook email signatures.

EDIT:  Also: http://www.picturetopeople.org/ for making banners!!!

I also would love it if this were possible.  I have BGInfo https://technet.microsoft.com/en-us/sysinternals/bginfo.aspx scripted to put some stuff on my desktop wallpaper at start up.  When the picture underneath is the same color as the text though, it's unreadable.