To open a window you need an event to be triggered. A link has an onMouseOver event that can be used to open a window. Normal text does not have any associated event handlers that you can use.
You can make a link look like normal text by altering the style of the text but only in browsers that support Cascading Style Sheets.
You can in Netscape Navigator 4 and Internet Explorer 4 use layers to hold text. The layers have event handlers, i.e. onMouseOver that can be used to open windows.
Take a look at the article What is So Dynamic About Dynamic HTML? for further information.