php GD function for titles

For a blog layout i am doing, i want to have the text written in a font that is not a default web font. I found a way to do this using the php GD function. How do i modify it so instead of the text, the script would take the post title, run it through the script and display the title as a graphic. The code i am using is

<?php
// Set the content-type
header("Content-type: image/png");

// Create the image
$im = imagecreatetruecolor(400, 30);

// Create some colors
$white = imagecolorallocate($im, 255, 255, 255);
$grey = imagecolorallocate($im, 128, 128, 128);
$black = imagecolorallocate($im, 0, 0, 0);
imagefilledrectangle($im, 0, 0, 399, 29, $white);

// The text to draw
$text = 'Post Title Will Go here';
// Replace path by your own font path
$font = 'bloody.ttf';

// Add some shadow to the text
imagettftext($im, 20, 0, 11, 21, $grey, $font, $text);

// Add the text
imagettftext($im, 20, 0, 10, 20, $black, $font, $text);

// Using imagepng() results in clearer text compared with imagejpeg()
imagepng($im);
imagedestroy($im);
?>

I am still very new to the core wordpress coding and i would appreciate any help. Thanks -Nick