I formatted recently and I just reinstalled photoshop 7. Everything works fine except when I try to make a picture and put text on it the text appears super super small... I have it @ size 72 and i cant even see it? Then when i click on the layer the bottom says rendering type... and it has to load everytime i click the layer or something. Its quite annoying and I cant even make images now due to this. How do I fix this?

Any help is greatly appreciated

Thanks,
Jason