With the new release of XNA Refresh, you can now easily add fonts to your projects. While it is nice to just specify a true type font in an xml file and have XNA import the resulting bitmap generated from it, I prefer to be able to edit the bitmap in photoshop to make it look better.

Thankfully, someone else has written a nice tool to create the intermediary bitmap for you. All you then need to do is select the white characters in photoshop and start applying effects!