To change the text, simply go to the text object’s “misc” menu in the left-side control panel. Type your text into the “text” field, then either right-click within the workspace, or left-click on one of the other input fields such as size or quality, and you’ll see the object’s text change in the workspace.

The video below demonstrates working with text objects in Virtual CRASH 5 and 4 (note Virtual CRASH 3 text objects have most, but not all, of the same functionality as VC5 and VC4):