well, first off, the background is pink. might want to change that.
there are a million pre-cut pictures of mj floating around the net. You can use those for now, but there are also a lot of ways to cut out the pic and obviously you should use a different one. Try either the eraser or pen tool.
For text, try adding layer effects (1px stroke, drop shadow, etc.) and get some good fonts from
www.dafont.com. The default fonts suck dick.