Create a text, transform it into a mesh and extrude the word to give it some depth, duplicate it and move it to another layer. Add mirror modifiers to make a words path and you have the little words set. Use the duplicated word now; make it bigger, place it somewhere among the little words and make sure to put the front/back faces of the large word on the outer limits of the mirrored letters.
Now comes the tricky part, apply the two mirror modifiers, add a boolean modifier and set it to Difference. On the object box put the large word and wait the computer to do the math. This will make a mesh disaster but due to you mustn't do anything else with it, it'll be fine.
Apply the boolean modifier and delete the large word. (For some reason, the N letter works the opposite way with this modifier, so I splitted the word into two parts: JUA and N, and i used the modifier in Difference with de JUA part, and Intersect with the N)
Add a material, play with the camera settings, and render. BI
