the answer to this question depends very much on which version of AutoCAD you're using. If you're working with AutoCAD 2000, you're in luck because the optional Express tools includes a command called "Arc Aligned Text", see illustration below:
Sadly, in recent versions of AutoCAD, the Express Tools are no longer bundled as an optional extra. However, you can purchase them from Autodesk. They obviously felt that they weren't charging enough for AutoCAD as it was
If you're using R14, the Bonus Tools have the same functionality.
If you're working with AutoCAD 2000i, and you upgraded from 2000, you can still use the Express tools (apparently) but I don't think this is an option with 2002. In this case, the best option might be to have a look around the web for a free LISP routine that can do what you want.
Of course, there's always the option of doing it manually, creating each letter indivudually with DTEXT and then aligning it yourself
Please let us know how you get on.