As far as I know you only can save the content of a text edit to odf. Not the other way around. Of course you can write your own converter, but there is no Qt out of the box odf to text edit.
EDIT: And for how to do it: ODF is an archive of XML files, so open the content.xml (I guess it is called so) and parse it. Then insert the content to the edit like you will.
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