Parsing/formatting Textfields In A Report

Hi,
Is it possible to parse, and format a textfield in a report on a line by line basis?
What I am trying to do is get a document to be processed into a printable format using reports. The text, and formatting information of each line, and any specific word details are stored in separate columns in the table. If, for example an entire line needs to be made Bold, I can get that done. What I would like to know is that if a word in a particular line needs to be formatted differently to the rest of the line, eg underlined, is there a way to do so?

For example, if I had the line as follows:

The quick brown fox jumps over the lazy dog.

I'd have the default, unformatted text as one field in the table, and the word, in this case quick, and it's formatting in another field of the table.

So rather than stating my question again, can it be done?

Thanks in advance,

Shaitan.