First off - I am not a graphic designer, but want to be. I have become a little familiar with Photoshop and yesterday was my first time using Illustrator.
I purchased this image from shutterstock - http://www.shutterstock.com/pic-116461561/stock-vector-retro-poster-design-with-clouds-vector-illustration.html
I thought I could just open it in Photoshop, the text portions of it would be in separate layers. I could just edit the text in those layers and voila I will have a poster with my text instead of the sample text but in the same style as the sample.
Well first I found out that if opened in Photoshop, the whole file is converted/merged/rasterized into a single layer. So I opened it in Illustrator. In illustrator there is a layer for each letter in the text and they are compound paths (I learned the term half an hour ago). I could not find any way to change the text even when I have a layer with an alphabet selected and the type tool selected. I 'released' the compound paths thinking that will show the real text layer, but no and of course the text lost some of the styling/effect .
This is how the layers look in Illustrator -
So questions -
Is there a text layer at all? Is there a way to modify the text while keeping the style the same? Or if its not a text layer, did they hand draw the text with the pen or pencil tool? If they actually used a font, do you recognize it what font this is? And what effects have been applied? Sorry for the slew of questions.
The text in your file has been converted to outlines. This allows you to work with the art without the font. Unfortunately, it also means you can't edit the text.
Your only option is to delete the type and replace with whatever you like.