The amount of difficulty depends on what the background is. Obviously, PS has no way of knowing what's behind the text, so can it guess based on what is around the text? If so, the rubber stamp tool will work, but I think I would try the patch tool first. Select a reasonably wide border around the text to minimize the text's effect on the patch. Then use the stamp or burnish tool to finish up.
Sometimes, you can copy something to cover the text. Just select an area with the lassoo, change to the pointer, press the CNTL (PC) key, and drag a copy of your selection so that it covers the text. Unselect the area to finish.
BTW, this is in CS. I don't know if these tools exist in version 7 or earlier.