Text Records, or TXT Records, are simply a list of strings, each less than 256 characters in length. TXT Records can be used for anything you want. For example:
Domain Name: dnsuniversity.com
Name: mail
Data (TXT): This is the main mail server
TTL: 1800 seconds
Result: This will create a TXT record for the "mail.dnsuniversity.com" record and the description (text) of the record will be "This is the main mail server".