Textify lets you drag an image onto the page and watch it be reconstructed purely out of text. The markup for the resulting textual image can be copied and used elsewhere.
There are a lot of settings which allow you to control the characteristics of the text. Even the smallest tweak to the settings can result in a very different output. Beware that using very large amounts of text will cause heavy browser lag. Textify has only been tested and confirmed to work in Chrome and Firefox 4.
Requirements: Chrome or Firefox 4
License: License Free