premiere 1.5 does not have a "bottom thirds" feature. This is just the name given to the process of overlaying a graphic over the top of the bottom of your movie clip, typically in the style of a news broadcast.
As 'notmilk' says, the titler is probably the easiest way of doing this as it contains a bundle of 'presets' for you to use. Alternatively, juyst create any graphic in your favourite image editor and place it on layer two of your sequence.
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