shaping text like ms wordart does?

Im quite new to illustrator and Im trying to create some text that sorta appears to have been "pinched" in the middle.. kinda like in the shape of a bowtie.

I know I can get this shape using ms wordart and even paste it into illustrator but the edges are jagged and crappy looking. Isnt there a way I can use the type tool to type my word and then 'tweak' it into such a shape using some tools in illustrator????

Please help!

while selecting the text,
press the "Warp" icon, or from the object menu like in the in the picture attached.
 zz.jpg   49.04KB   248 downloads
this will give you a small window that you can change the text however you want.

very usefull, thanks