Highlight the text you want to save. Click on the DropDown List into which you wish to save the highlighted text. Locate the element in the Tools section near the bottom of the list titled 'Save text to Folder'.
Follow the prompts to name the document and provide an optional subject. The new document will be present in the DropDown List then next time you display it as well as being present in the standard Word/Windows Explorer screens if you later choose to navigate that way.
See this discussion on Last Paragraph issues.