yeah, you are kind in the right path, just need to know that the ‘title’ is a variable that will get and past the value, so you have to call it exactly where you wrote “DO I NEED SOME TEXT HERE”, so it goes like this:
function column_shortcode( $atts, $content = null ) {
extract(shortcode_atts(array(
'title' => 'WHAT DO I ENTER HERE',
), $atts));
return '<div class="third"><div class="title">'. $title .'</div><hr/></div>';
}
add_shortcode('one_third', 'column_shortcode');
Notice where you have ‘WHAT DO I ENTER HERE’, is the default value it will take so probably you might want to leave it blank 🙂
UPDATE***
I didn’t notice that call to the content you had in there, you don’t need it, let me know if it goes well