From the Insert menu choose Drawing:
In the Google Apps drawing window choose Actions then Word Art.
You can also insert shapes, arrows, callouts and equations in Google Docs. For a callout, click the Shapes icon and choose callout.
You can change colors of drawings, word art and callouts. You can also right click on a callout in Google Docs and Add or Edit Text
The finished product is a Google Doc with Awesome word Art included. Your only limit is your imagination.