You almost got what I was talking about Chris:
<div style="background-image:url('a.png'); height:30;">
</div>
<div style="background-image:url('b.png');">
<div style="float:left;margin-top:-15px;">
text, text, text<br />
text, text, text<br />
text, text, text<br />
</div>
<div style="clear:left;"></div>
</div>
Might be a little ugly in IE6 because it handles floats oddly but should be ok in just about everything else. If it doesn't work in IE7, probably need to trigger hasLayout on the floated div.