According to the refernce book this is allowed. I get an error saying that "The specified object does not support the desired export format."
Not every 'export' can export its data to the same file types. A text frame is a graphic item -- so it would work if you changed the export format to a graphic type (EPS, JPEG .. not sure what's available in CS2).
If you export the text of the text frame, it suddenly does what you want:
Thanks, this has fixed the issue as I only wanted to export text anyway.