Select the whole text and assign it to the current shape (it becomes yellow).
>From this point, you have 3 ways you can go:
1)Extruded text:
Go to the Lofter.
Get the Shape (Shape/Get/Shaper)
Create the object for 3D Editor. (Object/Make)
You may use any deforming function found in the Lofter
(Bevel,Twist,Scale etc.). But this is another question ;o)
2)Flat Text
Go directly to 3D Editor.
Create/Object/Get Shape
A dialog appears. Type in the name and press Enter. The shape appears aligned to the current viewport as a 2D set of faces.
3)Beveled Text with Digimation's Bevel3D. (Release 4 only!)
Get the free plugin from Digimation:
http://www.digimation.com/freebevl.html
Do everything described under 2)
In 3D Editor, press F12, find Bevel and follow the instructions...