select the faces at the top of the P on both sides. Edit Mesh> Extrude... then use the extrude manipulator that pops up to scale the faces down to the size of the hole that you want.
What ever you do on the one side should be replicated on the back side.... as long as your using the Manipulator tool that pops up when you hit extrude.

When you've got the faces down to the size you want... hit delete. Then simple use the 'Append to polygon tool' under Edit Mesh. And click on one of the edges around the new hole, and then click on the corresponding edge on the other side on the P.... continue in this fashion until you have filled up all the open areas.

Alternately, you could simply go to, Create> Text. And Type in the word that you want, change the font and Object type (Polys, Nurbs, Curves, or Bevel) Then hit create.