ScottWood2, from an input text area, hold down on any part of the text and Edit Text options should appear such as select word, select all, ... Input method, add 'whateveristhere' to dictionary.
Pick Input method and it lets you pick another way. My DroidX with 2.3.4 (Gingerbread) only has two options, Swype and multi-touch keyboard.
I've found that speaking the text (started with the microphone button) works quite well and is faster than swype, however if you're in a noisy area or you don't want others to hear what you're entering, the keyboard might be better.