Rubber Text

I am trying to have some text act like rubber when the mouse cursor passes over it. So if you push the mouse cursor up against a letter it will bend over, and the bottom of the text will stay anchored to its position.

The only way I can think of to do this is by creating a whole lot of images at different stages of bending and using masks to reveal them based on the mouse location.

I hope someone knows some simpler or better way to do this.

Thanks in advance.