| What's the point? It looks stupid and annoying. To answer your question, from just looking at the start page it's probably a full set of animated gifs for the whole alphabet (and whatever other characters), it just replaces the letters in the string entered into the text box with images.
As for all this myspace coding....it's dodgy, putting in a style sheet over the top of an existing one? It's just asking for trouble. No wonder most myspace profiles that are customised won't show properly in decent browsers, myspace is full of IE/firefox n00bs | 
MySpace Text Generator 
Linear Mode
