The source code looks like:

import java.applet.*;
import java.awt.*;
import java.awt.Graphics;

public class SlideText extends Applet {

	int xpos;
	int ypos;
	int xDist;
	int yDist;

	public void init() {
		resize(300, 100);
	}

	public void paint(Graphics g) {

		for (int i=0; i <10; i++) {
			xpos = xpos + xDist;
			ypos = ypos + yDist;
			g.drawString("Watch me...", xpos, ypos);
		}

	}

	public boolean mouseUp(Event e, int x, int y) {

		if (x < xpos)
			xDist = xpos - x;
		else xDist = x -xpos;
		if (y < ypos)
			yDist = ypos - y;
		else yDist = y -ypos;
		xDist = xDist / 10;
		yDist = yDist / 10;
		repaint();
		return true;

	}
}