The 3d text on a surface with DSM has been covered in the past. However the 2d (floating in space) plain text is not as clear yet (the dimension tool trick is not very handy because you cannot get rid of the lines and arrows that go with the text).
Here is a simple trick i just found to add text easily.
Use a software like Photoshop or GIMP (free). On a layer use the text tool to write your label (using fonts and size that you like). Select the text (frame it very close to the letters), click COPY (or COPY VISIBLE in GIMP).
Now go to DSM. If you press PASTE the label will appear but you will not be able to place it somewhere. A plane will do the job. Create a plane on the plane you wish the text to appear and then paste your text onto it. You can then move it, rotate it or scale it the way you like. And then it stays there as a floating 2d label.
Try it. It is very easy.
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