mysql_query
makes the query, returns a result set.
mysql_fetch_array
fetches the first row from the result set.
$welcome_text = mysql_query("SELECT * FROM `text` WHERE `name` = 'welcome'");
$row = mysql_fetch_array($welcome_text, MYSQL_ASSOC);
echo $row['content'];
Of course, you can shorten your code if you want, but this may make your code more difficult to debug and maintain.
Verbose, clear code > one-liner 'show-off' code.
Including 'just-in-case' checking:
$welcome_text = mysql_query("SELECT * FROM `text` WHERE `name` = 'welcome'");
if($row = mysql_fetch_array($welcome_text, MYSQL_ASSOC)){
echo $row['content'];
}
Good practice to make doubly sure you have what you need before printing it.
Finally, please make sure you sanitize user-submitted data before it goes into your database. If you're not going to use prepared statements, at least use mysql_real_escape_string.
Practice safe SQL, wear a prepared statement to prevent SQL Injections.