Edit Warped Text

If you have applied an envelope warp to a text object (Object>Envelope Distort>Make With Warp) and now you want to edit the text, press Command-Shift-V (PC: Control-Shift-V), or go to Object>Envelope Distort>Edit Contents. Once you've finished editing the text with the Type tool (T) and want to re-apply the warp, switch to the Selection tool, and press the same shortcut again.