Step One:  Create new image in desired video size.  Create or insert graphics and text.  In this instance the text object only is selected as indicated by the surrounding dotted line which will have movement.

Step two: Holding down the shift key, select the second and or remaining objects.  Right click and choose merge as single object.  The combined objects, now a single object will be surrounded by the moving dotted line.

Note: If your editing system will accept PNG images you can hit F4 at this time and choose to save as PNG with transparency.  If you require TGA images, please continue with the following steps.

Step three:  The "Easy Pallate " must be open.  Open this by right clicking in the toolbar area and selecting the "Easy Pallate.  Select the "Thumbnail menu command" button shown below.

Step four:  From the drop down menu of the "Easy Pallate > "Thumbnail menu commands menu", select the "Store Selection" option.

Step Five:  Click and drag the object to the "Easy Pallate" window brings up the following window in which will allow specif naming as well as options for saving locations to different pallates.

Step Six:  Your selection will now be stored in the "Easy Pallete"  library.

Step Seven:  Right click in your image window at this time and select merge all.  The moving dotted line will now dissapear, indicated that the artwork is now merged with the background.

Step Eight:  Click on the mask saved in steps "five and six" and drag it to the image.  The dotted line will reappear, encompassing the entire object along with any created shadow content.  This dotted line will exhibit no movement.  Save the image as "yourname.tga", making sure that the "save object selection" is checked.  You now have an alpha image for titling or overlay in your video project. 

In closing:  This simple, eight step process take place in a matter of seconds in real time once you have established a comfort zone with the operation.  
Also note that you can save your images, combined images, etc., to an "Easy Palette" image library for future use by choosing the "Store Image" selection in the drop down menu.

The Ulead Website also features a diverse selection of tutorials: http://www.ulead.com/learning/pi.htm 

Enjoy....Andy