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You can create sharePoint document libraries for storing text files. Though libraries support checkin/checkout options, the text editor for .TXT file does not support this. I would recommend using other formats for storing data such as office 2010.
1st answer (Create a new document work space) and 2nd answer (view all site content and create a document library)

and View all site content and create a document library

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Q: How to create a section on a sharepoint site for storing text files that users need to collaborate on?
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Suppose you wnat to create a section on a sharepoint site for storing text files that users need to collaborate on Which methods can you use to do this?

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