Convert to Outlines
To convert a text layer to a vector shape, choose Layer › Convert to Outlines from the menu (or press Shift-Command-O). You will now be able to edit the individual paths and points just like any other shape. If your text layer contains different colors, those will be respected and converted into separate paths.
Warning: Take care with this approach. Once you convert text to outlines you will not be able to edit the text. Converting large quantities of text will affect performance immeasurably due to the number of subpaths and boolean operations contained within a layer.
Converting text to outlines is only recommended if you wish to edit the particular characters of a text layer. You can combine text layers with shapes through boolean operations, skipping this command.