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It sounds like you've received half a template. Often times, if ones buys a template from one of the many oneline template stores, it comes with the HTML files with all of the images, and usually it will come with the PSD files (Photoshop) so that you can manipulate the images if you want to, (maybe changing the logo to your own, etc).
But the PSD file in itself won't really help you build the website. That only allows you to create and/or manipulate the graphics to insert into your HTML pages.
I hope this helps-
pat
ps--you can add text to the photoshop file, but in general you want the text to be in the HTML code, so you can change it at will, and so taht search engines can pick it up. Use text in the graphics for logos and such, but not the general text.
Once the file is in gif, jpg, or png (you should almost never use bmp) format, you will probably want to incorporate it into HTML so that you have a web page.