You can draw text in 3D, but you will have to do it yourself, the SDK does not provide anything for this. The basic things to do is to generate a set of quads, each textured with one letter of the text you want to display. Then, depending on what you want to achieve you will have to either draw them facing the camera or facing a fixed direction that you deem suitable.
You, off course, do not want to render these one letter a a time, you also do not want to render these that do not belong to the current view frustum. Welcome to 3d graphics :-)
You can look at impostors and billboards to get an idea of what needs to be done. A text string is no more than one of these made of several quads instead of one.
PhM