I had a similar idea last night when I was trying to explain the concept of FFTs for fundamental analysis and synthesis of sounds to someone, and the analogy that popped into my head was of the prevalence of lowercase letters, uppercase letters, and punctuation in a page of text corresponding to signals that occur with high, medium and low frequency.
I haven't tried this yet, but I was thinking of converting the symbols to numbers (using their ASCII values might be enough) and feeding the resulting sequence into an FFT analysis to see if a paragraph of text could be decomposed into the sum of a reasonably finite series of sine waves such that the list of coefficients would be smaller than the original text.
I don't think it would have any meaning as such; it certainly wouldn't be useful to count word frequencies or to synthesize texts, but it's a very interesting question!