Photoshop :: Cool Transparent Text Use

I'm trying to figure out a way to "knock-out" text from an opaque layer to reveal the background image beneath it. Essentially (I'm guessing), it would have the background image, then an opaque layer, then text.

I need to figure out some way (using masking?) to have the text be on the opaque layer and then knock it out like a die-cut so that it creates a hole in the opaque layer (where the text was) and ends up revealing the background layer beneath.