Placing and Editing Text
You can place VRML text in your scene.
Find it: Click its button on the Creators palette: 
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To create text, click the VRML text button, and place the text in your
scene. The text temporarily says "3D Text."
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Use the Text Editor to
type in a new word or sentence. You can also change the font size and
attributes.
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Once you place and edit the text, you can change
the color, add a material, or add a texture to the text.