Something's gone horribly wrong there. Let's try to diagnose the problem.
1. Are you running on a desktop or laptop?
2. What kind of video card do you have?
3. What operating system are you running? (win xp, win 7, linux, mac lion)
4. I'm assuming you're running in Netbook mode - can you see if the problem persists if you turn off Netbook mode?
5. Can you please run this and see if the text displays correctly: http://blendogames.com/dev/3dtest.zip