The Text widget allows you to insert a blank space for you to insert plain text into.
When you drag in the Text widget, an edit window will appear. This box is filled with the tools to help edit your text. You can customise fonts and sizes, underline or italicise words, indent words, create bullet point lists, and add images. If you know a bit of HTML, you can get even more customised by clicking on 'Source' to view the source code behind the text.
Please note that you don't have to enter a title if you simply want a block of text anywhere on your site. You do have to enter text into the main field.