I was wondering if it's possible to 'leave' or 'place' text in 3d space.

lets say I got my camera and I write a message, and post the text so that it stays where the camera was facing, like in the sky or something. And stores it their via the accelerometer data, then as I pan my camera phone over where the text was placed, it appears to be written in the sky. Does this make sense? and is it a possibility with currently available API's?

Somewhat related to 3d.

Thanks
matt