www.cooltext.com is also free, it's a bit crappy to be honest in that your creativity is limited to selecting different combinations from their styles/fonts/colors, but they do have 1200 fonts - it's quite fun for a play if nothing else! Don't just stick to one of their naff examples on the opening page, pick a simple one there, then alter the font and color etc and make your own naff one

In fairness, you can come out with something fairly reasonable (honest!), depending what it is you want it for.