Function SetPlayerObjectMaterialText replace the texture of a player object with text.
Function SetPlayerObjectMaterialText was added in 0.3 and will not work in earlier versions!
Color embedding can be used for multiple colors in the text.

(playerid, objectid, text[], materialindex = 0, materialsize = OBJECT_MATERIAL_SIZE_256x128, fontface[] = "Arial", fontsize = 24, bold = 1, fontcolor = 0xFFFFFFFF, backcolor = 0, textalignment = 0)
int playerid The ID of the player whose player object to set the text of.
int objectid The ID of the object on which to place the text.
string text The text to set (MAX 2048 characters).
int materialindex The material index to replace with text (default: 0) (0 to 15).
int materialsize The size of the material (default: 256x128).
string fontface The font to use (default: Arial).
int fontsize The size of the text (default: 24) (MAX 255).
bool bold Bold text. Set to 1 for bold, 0 for not (default: 1).
int fontcolor The color of the text (default: White).
bool backcolor The background color (default: None (transparent)).
bool textalignment The alignment of the text (default: left).

Return Values:
This function does not return any specific values.

if (strcmp("/text", cmdtext, true) == 0)
    new myobject = CreatePlayerObject(playerid, 19353, 0, 0, 10, 0.0, 0.0, 90.0); //create the object
    SetPlayerObjectMaterialText(playerid, myobject, "SA-MP {FFFFFF}0.3{008500}e {FF8200}RC7", 0, OBJECT_MATERIAL_SIZE_256x128,\
"Arial", 28, 0, 0xFFFF8200, 0xFF000000, OBJECT_MATERIAL_TEXT_ALIGN_CENTER);
    // write "SA-MP 0.3e RC7" on the object, with orange font color and black background
return 1;

Related Functions
The following functions may be useful, as they are related to this function in one way or another.

Filterscripts with texturing/text support:
  • Ultimate Creator by Nexius.
  • Fusez's Map Editor by RedFusion.