I'm looking for an easy to use software package (Windows XP) or online service that will allow me to create non-aliased text with relection and transparency - using my existing set of true type fonts.
I can't think of any existing software that would do this. Are you looking to create fancy images of text, say 3D glass letters reflected in a pool of shimmering water, as viewed from some arbitrary angle? Something like the fancy logos that TV shows use? Or are you looking for something much simpler? Perhaps if you could describe a sample of what you're looking for?
The only solution I can think of would be to 1) write a program to capture the outlines of the TTF text, 2) write a program to turn those outlines into solid objects suitable for describing a scene in a 3D modeller, and 3) render those images in a 3D modeller such as POVray or the like. We're probably talking big bucks here, but obviously it can be done. If nothing else, look through the various add-ons and contributions for projects such as POVray and see if someone has done something about step (1) and at least part of step (2).