In Photoshop CS6, the new version of Photoshop, you can use special cropping tool and you are done, but that doesn't mean you cannot achieve the same result with older versions.
Remember as a kid you played with a mirror, putting your face to the side of it and your friends were laughing at the funny symmetry of your face and your faces reflection?
One of the important new features of Adobe Photoshop CC is new additions to the shapes tool. You can now create all sorts of different shapes by rounding each corner of a shape separately.
For a lot of fonts there is not an Italic type option available by default, but there is still a neat Faux Italic Photoshop option that can turn any font into an Italic type.