That "text" might be a short story in a magazine, a movie or TV program, an advertisement (print or video), a place, an object or objects (ex: the toys on display in the window of Toys R Us). Any element of our culture susceptible to semiotic analysis.
Note that this exercise is devoted to semiotics as a form of cultural study rather than literary theory. But, as Jonathan Culler points out, one way to think about recent critical theory is to see it as an extension of the close reading of texts to the "extra-literary."
Your analysis should be approximately 900 words in length, conform to MLA style (if citations are needed), and be submitted in electronic form on November 10.