Taking what you said that you want literally, the answer is: you cannot. You can add css properties to a textarea, but only as a whole and not for a part of its' contents. Example:
<textarea style="font-weight:bolder">The whole text here is bold</textarea>
But I assume you want something like [URL=http://www.kevinroth.com/rte/demo.htm]this[/URL].
@FangFeb 24.2005 — #IE has [URL=http://msdn.microsoft.com/workshop/samples/browser/webediting/onepageeditor.htm]ContentEditable[/URL], but for Mozilla you will need [B]Pit[/B]'s solution. As for Opera no-way