This happened to me after I sent a photo MMS to two recipients, one on iMessage, the other via standard messaging.
I went to type some text and discovered that I couldn't see what I was typing, the text was hidden by the gray box and the Send button was greyed out. I tried quitting Messages by double-clicking the Home button and swiping it up off the stack, but that didn't work. Restarting worked to clear out the gray box, but yikes.
Next time I'll try the trick of starting a text to an iMessage recipient, and then tapping the little mic to the right of the gray box to dismiss. I hope there is no next time, tho! I don't want to have to turn of dictation, which is pretty effing useful for texting while walking.