I quickly tried to find the implementation in jQuery’s source, but only found this which doesn’t actually seem to define it completely.
From the jQuery Source
jQuery.fn.extend({
    text: function( text ) {
        if ( jQuery.isFunction(text) ) {
            return this.each(function() {
                return jQuery(this).text( text.call(this) );
            });
        }
        if ( typeof text !== "object" && text !== undefined ) {
            return this.empty().append( (this[0] && this[0].ownerDocument || document).createTextNode( text ) );
        }
        return jQuery.getText( this );
    },
Anyone know?
Clarification:
I know how to use it. I just want to know how to get the text of an element à la jQuery when jQuery isn’t available.
ignored and whitespace preserved, or the opposite. – Alan H. Feb 17 '11 at 00:21