Run phpinfo(), and search for "gd."
If "GD Support" is "enabled," then you have GD installed. If "FreeType Linkage" is "with TTF library," then you have TTF support.
Below that are a list of available file types for editing.
If you don't have it installed, you'll have to contact your host about it, and ask them to install it.
If you have any further imaging questions, feel free to IM me.