With all the outlined text selected, choose Object > Paths > Make Compound Path
Then place your graphic.
for some reason it's grayed out
Okay, depending on how you got to where you are, it's possible each line or word (of outlined text) is now in a frame that is anchored inside a text frame. Try this:
Click on the first word or line.
Choose Edit > Cut
Choose Edit > Paste
This will free the anchored frame, pasting it outside the text frame.
Repeat for each individual frame that remains anchored in he text frame.
Now you'll probably have to rearrange your words to position them as desired, (and delete the now-empty text frame where they were anchored).
Select all of them.
Now Object > Paths > Make Compound Path should be available.
Thank you, John :.)