Custom line styles with text.. how do you create them?

Again, sorry for the n00b questions.

V8i Select Series 2, Win 7 x64

Working on drawings not done in our office, some of the files have custom line styles (which we don't have and so are missing), I assumed I could just "create them". The lines are form mechanical such as --HWS-- and --CWS-- (etc), I have no idea how to do this. I can do this in AutoCAD, but the line style editor, component-sub component thing is hard to understand. I tried to follow the help files, and I could "add a new component" but don't know how to define it. I am certain I'm not even close.

Is this something I can do? Do I edit a specific line style library or do I create a new one? And if a new one, how do I load it?

Thanks in advance for any help/advice/info you can give me.