Changing Text Mesh at Runtime

Is it possible to change the String of a Text Mesh (3DText) at runtime ? If not, I guess I have to use a GUIText Object and place it into 3D space. If so, can anyone point me in the right direction ?

there is a text property in the component that you can change. you should use GetComponent to get a reference to your textMesh and then change it's properties. also i should note that GUI in 3d space is not possible at this time. as inserted in the another answer take a look at this for more information.

Here is C# script. Please attach it to your object with Text Mesh.

using UnityEngine;
using System.Collections;

public class TextController : MonoBehaviour {

    private string displayText;
    private TextMesh testMesh;

	// Use this for initialization
	void Start () {
	// Update is called once per frame
	void Update () {

    void display()
        displayText = "meow meow meow";//get display text
        testMesh = GetComponent<TextMesh>();//
        testMesh.text = displayText;