Animating text means that
each bulleted point of your slide appears on the screen one at
a time. For example:
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First
line
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Second
line
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Third
line
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Fourth
line
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How to animate items on a slide
Construct the slide. Remember the 6 x 6
rule; "Avoid more than six lines of text, or six words per
line." Change to slide sorter view.
Select the slide you wish
to animate. From the Slide Show menu, select Custom animation. To bring lines of text onto the slide one at a time, use an Entrance effect. Several are available. You may also select More effects to see even more. Caution! The purpose of a PowerPoint slide show is to communicate information, not to show off your animation skills.

Another rule to remember is the "Run Over
Rule." Avoid having text run over other text on the way to its
final resting place.
Click on the Slide Show button
to see this effect in action in your slide presentation.
Making changes to the animation effect - After selecting an animation effect, a new icon is added to the Custom Animation pane. The icon includes a mouse, green star, and the item animated; text, chart, or image. At the right end of this icon you will see a down pointing triangle. Click on the triangle to display the menu of possible changes you can make to the animation effect.
