DB2 Text Search allows users to search text columns stored in a DB2 database by issuing SQL and XQuery statements. It provides fast query response times and ranked results. Key features include tight integration with DB2, document indexing support for various formats including XML, and advanced search capabilities using built-in SQL and XML functions. The DB2 Text Search server can be installed integrated with the DB2 database server or as a standalone server. Command line tools and stored procedures are used for administration tasks like creating indexes and configuring the server.