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To answer your question, you cannot install regular Magento Extensions in Magento Go. However, for your specific question about the text, you can add it using a CMS Static Blocks. This article should get you started:
Note that with the upcoming Magento Go Platform, you will be able to easily include Go Apps into your store. Magento Go Platform will be available as part of the Magento Go later this year.
Magento Go does not currently support extensions. You will soon be able to extend your Magento Go online store with your own custom apps and with third-party apps with the Magento Go Platform which is currently in beta.