Changing  the †ext in å smart object editable text effect. I can't Figure  out how to use all the co

I guess you have PSD files downloaded from internet. Do you see layer Edit text or similar? It is usually Smart Object layer. Double click on that layer thu,bnail to edit its content. Retype text, save and close what will return you in main window and apply effect to newly typed text. Here is one example https://youtu.be/YZ5kuAaKeu8

Can you give us more info on what are you trying to achieve. Some screennshot and example of final effect will be usefful.