import Blender
from Blender import Window, Curve, Object, Scene, Text3d
#
txt = Text3d.New("MyText")  # create a new Text3d object called MyText
cur = Scene.getCurrent()    # get current scene
ob = Object.New('Text')     # make curve object
fnt_obj= Text3d.LoadFont('C:\WINDOWS\Fonts\Arial.TTF') # here a valid font file
txt.setFont(fnt_obj)
ob.link(txt)                # link curve data with this object
cur.link(ob)                # link object into scene
ob.makeDisplayList()        # rebuild the display list for this object
Window.RedrawAll()