In the Objects Palette, click the Insert Flash Text Icon. Go ahead and select a color for the normal state, a rollover color, the size of the font and the font you would like to use. This can all be edited so you can always go back and make any changes.
Type in some text then type in a URL where you would like the text to link ( if desired) You can also use the browse button to navigate to a local folder and link to a file.
Give your text a name. By default Dreamweaver will give it a name, but you may want to give it something more relative to your project.