In my View, I have a button.
When the user clicks this button, I want to have the ViewModel save the context of the TextBlock in the database.
Check out this MSDN article by Josh Smith. In it, he shows a variation of DelegateCommand that he calls RelayCommand, and the Execute and CanExecute delegates on RelayCommand accept a single parameter of type object.
Using RelayCommand you can pass information to the delegates via a CommandParameter:
Update
Looking at this article, it appears that there is a generic version of DelegateCommand which accepts a parameter in a similar way. You might want to try changing your SaveCommand to a DelegateCommand
and change your Save and CanSave methods so that they take a MyObject parameter.