Ahh, I see. You have a block of text, and you want to place a shape over it, pushing the text out of the way, is that right?
To do this, you need to use the normal text tool, and draw a block of text. In other words, don't click and type, but click, drag and type, so you have a defined block to work in. Next, draw your shape and make sure it's on top of the text. Select the object and the text, go to Type > Wrap > Make. That should do it.