Transparent text cut out of background

Question

Is there any way to make a transparent text cut out of a background effect like the one in the following image, with CSS?
It would be sad to lose all pr

Answer 1

I needed to make text that looked exactly like it does in the original post, but I couldn't just fake it by lining up backgrounds, because there's some animation behind the element. Nobody seems to have suggested this yet, so here's what I did: (Tried to make it as easy to read as possible.)

var el = document.body; //Parent Element. Text is centered inside.
var mainText = "THIS IS THE FIRST LINE"; //Header Text.
var subText = "THIS TEXT HAS A KNOCKOUT EFFECT"; //Knockout Text.
var fontF = "Roboto, Arial"; //Font to use.
var mSize = 42; //Text size.

//Centered text display:
var tBox = centeredDiv(el), txtMain = mkDiv(tBox, mainText), txtSub = mkDiv(tBox),
ts = tBox.style, stLen = textWidth(subText, fontF, mSize)+5; ts.color = "#fff";
ts.font = mSize+"pt "+fontF; ts.fontWeight = 100; txtSub.style.fontWeight = 400;

//Generate subtext SVG for knockout effect:
txtSub.innerHTML =
"";

//Relevant Helper Functions:
function centeredDiv(parent) {
    //Container:
    var d = document.createElement('div'), s = d.style;
    s.display = "table"; s.position = "relative"; s.zIndex = 999;
    s.top = s.left = 0; s.width = s.height = "100%";
    //Content Box:
    var k = document.createElement('div'), j = k.style;
    j.display = "table-cell"; j.verticalAlign = "middle";
    j.textAlign = "center"; d.appendChild(k);
    parent.appendChild(d); return k;
}
function mkDiv(parent, tCont) {
    var d = document.createElement('div');
    if(tCont) d.textContent = tCont;
    parent.appendChild(d); return d;
}
function textWidth(text, font, size) {
    var canvas = window.textWidthCanvas || (window.textWidthCanvas = document.createElement("canvas")),
    context = canvas.getContext("2d"); context.font = size+(typeof size=="string"?" ":"pt ")+font;
    return context.measureText(text).width;
}

Just throw that in your window.onload, set the body's background to your image, and watch the magic happen!