This is how the layers look in Illustrator.
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. 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. 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). Well first I found out that if opened in Photoshop, the whole file is converted/merged/rasterized into a single layer. 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. I thought I could just open it in Photoshop, the text portions of it would be in separate layers. I purchased this image from shutterstock. I have become a little familiar with Photoshop and yesterday was my first time using Illustrator.
First off - I am not a graphic designer, but want to be.