If you mean to say that is there a way that a movie can be playing in the
background with animated text in foreground, then the answer is in the
negative.
PowerPoint treats movies as "active" objects - and while playing movies
always come over any other elements on the slide, even if they are placed
behind.
Geetesh Bajaj, Microsoft PowerPoint
http://www.indezine.com
http://www.powerpointed.com
Technical Specialist, PowerPoint Live
http://www.powerpointlive.com