It can't type words at the moment you're speaking them, but it can once you finish a sentence and pause.
You can use the dictation mode for this, however note that dictation is the weakest mode of the Microsoft Speech Recognition engine, so accuracy may not be satisfactory.
EDIT: As an example, this command will type whatever you speak, until you press enter:
Start Loop While : [{STATE_KEYSTATE:ENTER}] Equals '0'
Start Dictation Mode (Clearing Dictation Buffer)
Start Loop While : [{EXP:{DICTATION} + {STATE_KEYSTATE:ENTER}}] Equals '0'
End Loop
Stop Dictation Mode
Quick Input, '{DICTATION}'
End Loop
you'll have to pause every once in awhile, so the recognition can catch up and type things out.