You can use a cosmetic sketch to show text. However, your text will not be a feature, but more like a curve. It will be viewable in any view of the object. If all you want to do is show text in a drawing, you can do this (or sketch directly to the drawing), but if you want modelled text, you really want to create a cut or a protrusion. If you do this often, consider making a UDF using a parameter as described in the earlier reply.