To add text, you go into Media Generators, Text, and drag down the text style of your choice. Then you click on the square-like icon (third one at the top; present only in Media Generator type stuff) and edit it. You can change the text size, font, color, etc. In..Effects I believe, there should be one bar matching the color of the text and another bar matching the background color. Slide the background color all the way down and this will make only the text visible. Oh and make sure you add in a separate video track for the text.