##Perl + GD, 146 chars
Per the comments to my other answer, here's a solution that directly produces an image file using the GD library:
use GD'Simple;move{$m=new GD'Simple 70,12}2,12;s//Hello World/;s/./fgcolor$m(((0)x5,127,(255)x5,127)x2)[$i+8,$i+4,$i++];string$m$&/eg;print$m->png
And here's the output:
Hello World
Again, using a black background would look better, but would cost me 29 characters ($m->bgcolor(0,0,0);$m->clear;).
Edit: Figured out how to shave off 20 chars by (ab)using indirect object notation and a few other tweaks. The new code emits a warning, but still runs fine.
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