I would write the text to a file, then use an include to place it into a textarea ...
<textarea name='text'> <? include('text.txt'); ?> </textarea>
Have your form point to a script that fputs the text into the file ...
$filename="text.txt";
$file = fopen($filename, "w");
fputs($file, $text);
fclose($file);
You can put the form and the script that writes the file into the same script, that way you will see your updated text instantly.
Make sure the text file is writable by the webserver.