Would like to be able to print and/or save inputted text. I know it is possible to print the whole slide.Is there an easy way to save/print just the text in the text input object?

How do you mean 'save'? In the package like described in the manual or somewhere external?
For the latter you need some script (f.i. PHP) you call with the textvalue as parameter.

For printing this text in your own format you could think about putting the text in an iframe or using a small flash applet with the text as parameter.
Is it just about printing the text or is it about the text in a nice layout?

In any format you would need some mechanism to capture the text, to 'ask' the module for the variables and then save it somewhere.
IF you used a CD or standalone delivery and you want to save from this then there was a post that used a flash movie to capture and save text. It could also be re-called by the module at a later session. To leverage this and take it forwards you'll need to know flash action script. Once the forum search is up again you'll be able to find this.
IF you deliver this off of the web (using an LMS or not) then you can use any server based scripting lanuage to call for the variables from the module. To leverage this you'll need to use one of the following, PHP, javascript, ASPX or ASP NET.
One of the ideas Barend suggests using an iframe which contains a web page that captures and can save text will work. You would probably need the page to be server based PHP or javascript would be good for this.

So you can BUT it isn't going to be the easiest task and you'll need to learn some PHP or javascript, in all probability both.